COZforex: The US dollar trimmed losses against the Canadian dollar on Tuesday pulling back from session lows after official data showed that US orders for long lasting manufactured goods came in higher-than-forecast in February.

USD/CAD pulled away from one-week lows of 1.1124, to trade at 1.1161, unchanged for the day. COZforex senior currency strategist Ian • Quigley said, USD/CAD is predicted to find support at 1.1139, and a drop through could take it to the next support line of 1.1119. Meanwhile, the pair is predicted to find its first resistance at 1.1196, and a rise through could take it to the next resistance line of 1.1233.

The Bank of Canada Deputy Governor, Tim Lane indicated that policymakers are tightening its rules to enable better formal administrative arrangements for the CDOR in order to avoid benchmark manipulation scams. He further clarified that Canada’s financial benchmarks have not been manipulated in any way as the London Interbank Offered Rate has.

The greenback moved higher after the Commerce Department reported that US durable goods orders rose 2.2% last month, snapping 2 months of declines and surpassing expectations for a 1% increase.

Core durable goods orders, which exclude transportation items, inched up 0.2%, slightly below forecasts for a 0.3% gain. The data indicated that economy is gaining momentum in the wake of a weather induced slowdown.

The loonie, as the Canadian dollar is also known, was higher against the US dollar earlier in the session as speculation that China could implement fresh economic stimulus measures bolstered risk appetite.

(COZ forex UK)