FX.co ★ Technical Analysis of USD/CAD for January 23, 2015

The US unemployment claims decreased by 10,000 to 307,000 in the week ended January 17. The USD soared to the highest level in six years against the CAD. Today, the focus has shifted to Canadian core CPI, core retail sales, US flash manufacturing PMI, and existing home sales. The pair made a high at 1.2420, the nearest resistance exists 1.2435 levels. We recommend fresh buying above 1.2440 for another 100 and 150 pips. The pair has intraday support exists at 1.2300 levels. In case if the pair corrects below 1.2300, the immediate supports exists at 1.2190 and 1.2100. Until the pair holds at 1.2100 traders, can use every dip to buy.