COZforex: The US dollar was almost unchanged against the Canadian dollar on Tuesday after better-than-expected US durable goods data indicated that the economic recovery is remaining on track.

USD/CAD hit 1.0458 amid early US trade, the session low; the pair subsequently consolidated at 1.0503, inching up 0.04%. COZFX strategist Nigel Boynton said, USD/CAD is predicted to find support at 1.0471, and a drop through could take it to the next support line of 1.0425. Meanwhile, the pair is predicted to find its first resistance at 1.0560, and a rose through could take it to the next resistance line of 1.0603.

The Commerce Department said orders for long lasting manufactured goods rise 0.7% last month, defying expectations for a 0.1% drop. Core durable goods orders, which exclude volatile transportations items, were up 3.6% in May, outstripping expectations for a 3% gain.

The greenback was weaker earlier in the session after officials from the Federal Reserve downplayed market concerns over prospects of an end to the central bank’s easing policies.

On Monday, Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis, said the central bank was committed to continuing its bond purchase program until the US unemployment rate falls further.

Dallas Fed President Richard Fisher also indicated that market jitters over tapering were overdone.
The US was to release reports on consumer confidence and home sales later in the trading day.

(COZ forex UK)