Forex: USD/CAD eases to 1.0295 in European trading

Written by: Violina Todorova
July 25, 2013 Thursday July 25th:_ Today’s Asian session saw the greenback on a downtick against its Canadian counterpart , with the steady decline from 1.0316 continuing through the early European trading to 1.0295, an intraday low to this point.

Yesterday, the CAD had also pushed higher against the greenback, with the pair falling to a five week low at 1.0262. The loonie had earlier in the week been finding support in the rising price of gold, which rose 3.1 percent to a one-month high at $1,335.82 per ounce on Monday.
US Mortgage Applications fell by 1.2 percent last week, well up on the prior-week’s contraction of 2.6 percent.

Also reported yesterday, new US home sales jumped 8.3 percent to a seasonally adjusted annual rate of 497,000 units, a five-year high and well up on May’s reading of 459,000.
In the absence of any Canadian economic updates today, the most significant data for the quote will be the US Durable Goods – Orders June update due out at 13:30 BST. Forecasts show a 0.5 percent fall in June from May’s 3.6 percent rise.
Durable Goods Orders excluding Transportation will also be reported, with expectations for 0.5 percent down.
US Initial Jobless Claims for the week ended July 19 are also due out at 13:30 BST.

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