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USD/CAD wobbling around 1.1200

FXStreet (Edinburgh) - The greenback could not get ahold of levels above the psychological mark at 1.1200 on Wednesday, although USD/CAD manages to keep the trade in the upper 1.1100s pre-FOMC.

USD/CAD supported at 1.1180, capped at 1.1210?

Despite the choppy trade, spot is well poised ahead of the release of the FOMC minutes, although consensus remains quite split regarding the overall tone of the statement. Data wise, Canadian Housing Starts came in at 197.3K on a yearly basis during September, pretty much in line with forecasts at 196.1K. Stephen Gallo, European Head, FX Strategy at BMO, noted, “Following Monday’s USD sell off, the pair remains a bit better aligned with its key determinants on the rate differentials front”.

USD/CAD key levels

The pair is now losing 0.24% at 1.1201 and a break above 1.1210 (61.8% of 1.1274-1.1111) would aim for 1.1265 (high Oct.6) and then 1.1300 (psychological handle). On the other hand, the immediate support lines up at 1.1129 (low Oct.7) followed by 1.1111 (low Oct.6) and finally 1.1100 (psychological level).

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