US dollar is trading higher against most major currencies. The pair moves higher at 119.50 and closed at the highest point of the day. Just the Japanese Unemployment rate, Core CPI, and Industrial data hit the wire. The unemployment rate rose to 3.6% in January exceeding expectations of 3.4%. National CPI rose to 2.4% in line with the forecast. The other data, retail sales in particular, fell 2.0% in January. The yen is trading higher at the Asian session against the USD and EUR. Today, at the early Asian session, the pair opened on a bearish note. The US durable goods orders rose in January for the first time in three months. According to the Commerce Department report, the durable goods orders grew to 2.8%. The prices have been consolidating in a range between 115.50 and 120.80 for 10 weeks. The pair has weekly resistance at 120.80. The prices broke the five-day trend line and previous swing low. The pair has intraday support between 118.50 and 118.30. Until the pair holds and closes above 118.20, we recommend bullish views. We advise you to sell only below 118.20 with targets at 118.00 and 117.60. The intraday support is seen at 119.00. We recommend buying above 119.50 with targets at 120.00, and 120.50. Another upswing looms above 120.50. Until the cross closes above 118.20, the long trade remains in play.
Buying above 119.50.
Intraday selling below 118.90.
Canada’s Consumer Price Index rose 1.0% in 12 months until January, following a 1.5% increase in December. Lower gasoline prices continue to lead the deceleration in the Consumer Price Index. The slower year-over-year rise in the CPI mainly affect gasoline prices, which fell 26.9% in the 12 months to January, after declining 16.6% in December. Excluding gasoline, the CPI increased 2.4% on a year-over-year basis in January, following a 2.3% rise in the previous month. The US dollar regains strength of the US economic data. The US durable goods orders rose in January for the first time in three months. The Canadian currency lost 0.70% against the US dollar at yesterday’s session. Buyers commanded at yesterday’s session. The price gave an upside breakout from the descending triangle, but it proved a false breakout. At the early Asian session, the CAD is trading higher against the US dollar. Bulls can challenge 1.2970, in case the prices have closed above 1.2700. The intraweek support is set at 1.2350. The intraday resistance is found between 1.2535 and 1.2550. We recommend fresh buying with sl 1.2480 with targets at 1.2540, 1.2560, and 1.2580. The intraday support is seen at 1.2480 and 1.2450. Today, traders are awaiting US prelim GDP. We expect the US GDP to rise between 2.0% and 2.1% .
Buying with sl 1.2480.
Selling below 1.2460.
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