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USD/CAD eases from 1.1200

FXStreet (Edinburgh) - The greenback is now back to the 1.1180 band after lifting USD/CAD to fresh multi-month peaks above 1.1200 the figure.

USD/CAD suffered the US docket

The pair managed to climb beyond the critical 1.1200 handle after Canadian GDP figures disappointed investors during July, showing a flat expansion of the economy against forecasts for a 0.2% advance. However, the S&P/Case-Shiller index came in below estimates at 6.7% in July, prompting the US dollar to give away earlier gains. Next of relevance will be the US Consumer Confidence for the month of September, expected to improve a tad to 92.5 from 92.4. “We would still prefer to buy dips, rather than chase the market higher from here. But we also think that a move to new cycle highs (above 1.1277) will add significantly to longer term bull momentum”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD levels to watch

The pair is now advancing 0.18% at 1.1184 with the next resistance at 1.1279 (2014 high Mar.20) ahead of 1.1300 (psychological level) and then 1.1669 (61.8% of 1.3066-0.9407). On the downside, a breach of 1.1132 (low Sep.29) would expose 1.1093 (low Sep.26) and finally 1.1053 (low Sep.24).

AUD/USD holds above 0.8700

The AUD/USD fell 60 pips from 0.8765 earlier in the day to test the 0.8700; pair found buying interest at this level and now it's trading back at 0.8735.
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