USDCAD trades 0.38% lower at 1.4138 after the worse than expected initial jobless claims from the USA. The Initial Jobless Claims for March 20, came in at 3283K, topping the expectations of 1000K. The Initial Jobless Claims 4-week average came in at 998.25K topping the previous reading of 232.25K. The U.S. Gross Domestic Product came in at 2.1% in line with expectations for the fourth quarter. The Core Personal Consumption Expenditures quarterly reading came in at 1.3% topping the forecasts of 1.2% in the fourth quarter. The United States Goods Trade Balance rose from the previous $-65.5B to $-59.89B in February.
On the technical side, the pair today retreat from the recent highs as central banks’ intervention managed to ease investors’ worries on the coronavirus outbreak impact on the global economy. Support for the pair seen at 1.4107 the daily low. More bids might emerge at 1.3965 the low from March 17. On the other side, the first resistance for the pair will be met at 1.4275. The next supply zone stands at 1.4475 the high from yesterday’s trading session, while a break above might test the resistance at 1.4557 the high from March 23.
