USD/CAD: Daily Technical Analysis For April 24, 2015

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Fundamental Analysis:

The U.S dollar traded low against the Canadian and other major currencies in today’s trading session after data showed that U.S. jobless claims rose unexpectedly last week and that U.S. new home sales dropped far more than expected in March.

The dollar came under pressure after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending April 18 increased by 1,000 to 295,000 from the previous week’s total of 294,000.

Analysts had expected initial jobless claims to fall by 4,000 to 290,000 last week.

Data also showed that U.S. new home sales dropped 11.4% last month to 481,000 units after a revised 5.6% increase to 541,000 in February. Analysts had expected new home sales to fall 5.3% to 513,000 units in March.


Technical Analysis:

Intraday bias remains down as 21 crosses 55 EMA downward. SSRC oscillator also shows more bearish momentum is expected. Am expecting further fall to 1.2086 support and a valid break of 1.2086 support will resume the bearish case in the pair.

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