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USD/CAD bears getting on top things until 1.0880's

FXStreet (Guatemala) - USD/CAD is trading at 1.0988, down -0.60% on the day, having posted a daily high at 1.1073 and low at 1.0972.

USD/CAD bears have extended the decline nicely on a broad based sell off in the USD today. Analysts at TD Securities explained that they have noted a seasonal bias towards USD weakness through September and early October and it may impede the USD’s ability to rally more obviously near-term. “At the start of this month, we had thought that the USD risked slipping back below 1.08 briefly but that looks less likely at this point; we spot firm support in the upper 1.08 area on the daily chart now where trend support is slowly converging with the 200-day. We want to buy USD/CAD dips”.

USD/CAD hourly levels

Current price is 1.0989, with resistance ahead at 1.0998 (Daily Classic S2), 1.1024 (Weekly Classic PP), 1.1026 (Daily Classic S1), 1.1032 (Hourly 100 SMA) and 1.1035 (Yesterday's Low). Next support to the downside can be found at 1.0980 (Hourly 200 SMA), 1.0972 (Daily Low), 1.0961 (Daily Classic S3), 1.0952 (Daily 20 SMA) and 1.0948 (Weekly Classic S1).

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