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USD/CAD in narrow range around 1.0960

FXStreet (Edinburgh) - The greenback is prolonging its sideline pattern vs. its Canadian counterpart on Friday, with the USD/CAD hovering over 1.0950/60.

USD/CAD focus on CPI numbers

Spot seems to have found weekly support in the low-1.0900s after hitting fresh mulit-month tops around 1.1100 the figure on Monday. Inflation figures in the Canadian economy will take centre stage today during the NA session, as there are no scheduled events/publications in the US. Market consensus expects headline CPI to rise at an annual pace of 2.1% and Core prices at 1.8% YoY. In the view of Stephen Gallo, European Head FX Strategy at BMO, “Usd/Cad remains stuck in the range that has prevailed for most of this week, with flows still very much mixed. Usd strength has been countered by Cad strength on many of the crosses, especially Cad/Jpy and Aud/Cad. We would expect to see offers lined up towards 1.1000 now, and beyond that, the key 1.1100 area is still pivotal”.

USD/CAD significant levels

As of writing the pair is advancing 0.24% at 1.0961 and a breakout of 1.1023 (high Sep.18) would open the door to 1.1027 (low Sep.12) and then 1.1072 (high Sep.16). On the flip side, the immediate support lines up at 1.0929 (low Sep.18) ahead of 1.0927 (low Sep.17) and finally 1.0917 (38.2% of 1.0620-1.1100).

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