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USD/CAD consolidating under 1.0900

FXStreet (Córdoba) - After the release of employment data from the United States and Canada, USD/CAD fell to 1.0838 and then rose to 1.0902, in a few minutes. Afterwards move toward the 1.0880/90 area, where it was trading before economic data.

During the last hours USD/CAD has remained steady trading below 1.0900, slightly above the price it had a week ago.

USD/CAD technical outlook

“The short-term charts for USDCAD are getting a little messy which is reflective of the high degree of uncertainty and the tumbling degree of conviction in this market after all the recent swings in spot”, said the Rates, FX and Commodities Research Team from TD Securities.

According to them the lack of upside momentum “leaves the process of lower highs in place since the late August rejection of the upper 1.09s. We have no strong views here at the moment and feel the market may continue to range-trade for a few more weeks.”

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