The US dollar fell in value at yesterday's session against most major currencies. The US retail sales fell very sharply to 0.8% in January from a 0.9% drop in December. In the week ending February 7, the preliminary figure for seasonally adjusted initial claims was 304,000, an increase of 25,000 from the previous week's revised level. The Canadian New Housing Price Index (NHPI) posted a fourth consecutive 0.1% increase in December.
The pair was rejected at the 80.0 fib level from 1.2798 high to 1.2352 low. The prices are closed and trading below hourly moving averages. The pair has intraday support at 1.2430, 1.2380, and 1.2520. At yesterday's session, we recommended selling below 1.2520 with the targets at 1.2450, 1.2430, and 1.2380. The pair made a low at 1.2438. Until the prices close above 1.2350, trades can use the dip to buy. The panic will be triggered below 1.2350. The pair gave an upside triangle breakout on the hourly chart. On the bullish front, bulls can challenge 1.2770, 1.2800, and 1.2950 levels in case if the prices close above 1.2700.
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