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USD/CAD in fresh highs above 1.1100

FXStreet (Edinburgh) - The greenback continues its relentless march north on Thursday, pushing the USD/CAD to fresh multi-month highs around 1.1120.

USD/CAD firmer, eyes US docket

Spot is extending the weekly upside from lows sub-1.0900 the figure, bolstered by the upbeat momentum around the US dollar. Next of note in the US economy, Durable Goods Orders during August (-18.% exp.) will be released followed by Initial Claims and the services PMI measured by Markit. In the opinion of Eric Theoret, Currency Strategist at Scotiabank, “For CAD, the shift in near term correlations suggests a rising influence from oil prices, oil prices spreads and relative monetary policy expectations (2Y CA-US spread) – with recent developments suggesting less support to CAD”.

USD/CAD key levels

At the moment the pair is up 0-.51% at 1.1113 with the next hurdle at 1.1122 (high Sep.24) ahead of 1.1123 (76.4% of 1.1279-1.0620) and finally 1.1170 (high Mar.26). On the downside, a break below 1.1053 (low Sep.24) would open the door to 1.1005 (Tenkan Sen) and then 1.0986 (low Sep.23).

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