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USD/CAD bounces hard at 1.0885; back above 1.0950

FXStreet (San Francisco) - USD/CAD fell 90 pips from 1.0980 to break below the 1.0930 previous support and to price at lows since September 8 at 1.0885 post Canadian CPI. However, the pair found buying interest at this level and now it is trading back at 1.0950.

August's core CPI rose 2.1% YoY beating the 1.8% expected and moving above the BoC's 2% inflation target for the first time in more than 2 years.

Currently, USD/CAD is trading at 1.0951, up 0.16% on the day, having posted a daily high at 1.0980 and low at 1.0885. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

USD/CAD levels

If the pair extends its bounce, next resistances are at 1.0970 and 1.1000. On the downside, supports are at 1.0900 area, 1.0840 and 1.0810.

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