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USD/CAD volatile, back near 1.0890

FXStreet (Edinburgh) - After briefly dipping to 1.0820, USD/CAD quickly recovered and clinched fresh session highs just above the 1.0900 handle, just to ease back again to the 1.0880 neighbourhood afterwards.

USD/CAD back to square one

Quite a volatile moment for the pair soon after the release of the US Payrolls, as the economy added ‘just’ 142K vs. 225K expected. Further data from the Canadian labour market figures showed that the employment decreased by 11.0K vs. a 10.0K gain forecasted and the jobless rate stayed put at 7.0%. “On the charts, it is clear that USDCAD is well-supported on dips to the low 1.08 area. But the overhang from last week’s sell-off remains significant and the broader 1.08/1.10 range remains intact for now. The early indications from the short-term charts are, however, somewhat USD-negative again and indicate downside risks for funds below 1.0875 support, which may push funds back to the low 1.08s”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

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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