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USD/CAD capped around 1.0890

FXStreet (Edinburgh) - The greenback is extending the consolidation pattern vs. its Canadian counterpart on Friday, taking the USD/CAD to the 1.0880/75 region.

USD/CAD eyes on US, Canadian docket

Spot continues to retrace the weekly peaks just below the 1.0950 level ahead of key releases from the labour markets in the US and Canada. While market expectations point to a creation of 225K jobs in the US economy in August, Canadian employment is expected to increase by 10K and the jobless rate to stay unchanged at 7.0%. “With market perceptions of US divergence only likely to have been strengthened further this week, there is a very strong possibility that the CAD continues to trade with a stronger tone on the European crosses (EUR, GBP, NOK, SEK & CHF), depending on the tone of today’s data releases from North America”, observed Stephen Gallo, European Head FX Strategy at BMO.

USD/CAD levels to watch

The pair is now advancing 0.08% at 1.0885 with the next resistance at 1.0890 (high Sep.5) followed by 1.0910 (high Sep.4) and finally 1.0943 (high Sep.3). On the downside, a break below 1.0857 (100-d MA) would open the door to 1.0821 (low Sep.4) and then 1.0810 (low Aug.29).

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