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USD/CAD jumps to 1-week highs around 1.0935

FXStreet (San Francisco) - The USD/CAD is trading to the upside following the upbeat ISM manufacturing PMI index and after a 30-pip jump, the pair is now trading at highest since August 27 at 1.0935.

The ISM manufacturing PMI jumped to 59.0 in August; against the expected decline and the highest since April 2011.

Currently, USD/CAD is trading at 1.0934, up 0.57% on the day, having posted a daily high at 1.0937 and low at 1.0867. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.

USD/CAD sentiment

“Technically, the heavy selling seen early last week still did a fair amount of damage to the broader picture—the weekly chart formed a bearish weekly reversal signal overall last week—but the strength of the bounce off the low Friday suggests no immediate pressure on the low 1.08 area for now”, signaled Shaun Osborne, Chief FX Strategist at TD Securities.

If the pair consolidates levels above 1.0930, it will face next resistances at 1.0975 and 1.1000. On the downside, 1.0900, 1.0885 and 1.0875 are supports.

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