This article is originally referred from Traders Trust Daily Forex News.
The U.S. dollar was almost unchanged near four-month highs against its Canadian counterpart today, despite weak U.S. data, as investors were awaiting the Federal Reserve’s upcoming policy statement and as lower oil prices weighed on the Canadian currency.
The pair was likely to find support at 1.3051, the low of July 22 and resistance at 1.3245, Tuesday’s high and a four-month peak.
The U.S. Commerce Department said that durable goods orders fell 4.0% last month, compared to economists’ expectations for a decline of 1.1%. May’s orders were revised to a decrease of 2.8% from a previously reported 2.3% decline.
Core durable goods orders, which exclude volatile transportation items, fell 0.5% last month, compared to forecasts for a 0.3% gain.
Later today, most investors were expecting the Fed to leave its monetary policy unchanged, but they were hoping for hints on the timing of future rate hikes.
Meanwhile, the commodity-related Canadian dollar weakened as oil prices hovered near three-month lows on Wednesday ahead of the weekly data on U.S. stockpiles.
The loonie was steady against the euro, with EUR/CAD at 1.4494.
Disclaimer: The content in this article is Investment Research and should not be construed as containing Investment Advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. TTCM Traders Trust Capital Markets Ltd, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.
Original Source: Traders Trust Daily Forex News