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USD/CAD back to test 1.1000

FXStreet (Edinburgh) - The impetus surrounding the greenback is losing some steam at the moment, dragging the USD/CAD back to the 1.1000 neighbourhood.

USD/CAD retreats from highs

Spot is now putting the key 1.10 support to the test, following the US docket, where Initial Claims unexpectedly climbed to 315K in the week ended on September 5th vs. 300K initially forecasted; further data showed Canadian New Housing Price index at 1.5% on a yearly basis. Ahead in the day, US Monthly Budget Statement is due later ahead of ECB’s Draghi’s speech. In the opinion of analysts at TD Securities, “After the weak price action in USDCAD in the past couple of sessions which has seen the USD give back more than half of the gains made since the middle of last week, technical factors suggest solid resistance in the market above 1.10”.

USD/CAD relevant levels

The pair is now advancing 0.60% at 1.1002 with the next resistance at 1.1032 (high Sep.9) ahead of 1.1053 (high Apr.23) and finally 1.1078 (high Mar.28). On the downside, a break below 1.0934 (low Sep.10) would expose 1.0923 (30-d MA) and then 1.0921 (Tenkan Sen).

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