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USD/JPY hit 103.34 during late European morning trade, the pair’s highest since April 7; the pair subsequently consolidated at 103.26, rising 0.34%.The pair was likely to find support at 102.52, Tuesday’s low and resistance at 103.39.Demand for the dollar remained supported after data on Wednesday showed that U.S. housing starts jumped 15.7% in July, while the number of new permits granted to home-builders also accelerated, pointing to underlying strength in the housing sector.The data offset a report showing that U.S. consumer prices rose just 0.1% in July.
USD/CAD was flat at 1.0942, off session highs of 1.0938.The pair was likely to find support at around 1.0920 and resistance at about the 1.0985 level.The Canadian dollar firmed up after Statistics Canada reported that wholesale sales rose 0.6% to C$53.0 billion in June. Economists had forecast an increase of 1.3%.Wholesale sales for May were revised up to 2.3% from a previously reported gain of 2.2%. Demand for the greenback continued to be underpinned after recent reports indicated that the economic recovery is on track.Data on Tuesday showed that U.S. housing starts jumped 15.7% in July, while the number of new permits granted to home-builders also accelerated.
1. Buy USD/JPY Above 103.47 -TG:103.67/102.97 SL 103.17
2. Sell USD/JPY Below 102.78 -TG: 102.58/102.28 SL 103.08