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USD/CAD keep the range post-data

FXStreet (Edinburgh) - The US dollar kept the composure vs. its Canadian counterpart on Thursday, with the USD/CAD hovering over 1.1105/10 so far.

USD/CAD consolidates above 1.1100

The pair found support in the recent US docket, with Durable Goods Orders dropping in line with market consensus around 18%; further data showed that Initial Claims rose to 293K in the week ending on September 19th although still below estimates at 300K. “For funds, in particular, we would look for a retest of yesterday’s high at 1.1122 and a close above that level to signal ongoing strength. On the downside, first support levels should be found around 1.1060 and further down around 1.1020/30”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD key levels

At the moment the pair is up 0.52% at 1.1116 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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