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USD/CAD dips to 1.1160

FXStreet (Edinburgh) - The Canadian dollar sharply appreciated in in the wake of the labour market figures, pushing USD/CAD more than 50 pips to the 1.1160 region.

USD/CAD weaker post-data

Spot is visiting session lows in the 1.1170/60 area after the jobless rate in Canada ticked lower to 6.8% during September, bettering forecasts and previous print at 7.0%. Further data showed that the employment increased by an auspicious 74.1K, reverting the prior contraction of 11.1K and the Participation Rate remained unchanged at 66%. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “we remain inclined to view risks as being skewed towards a little more USD weakness after the big dollar rally stalled at some key points in the past week or so—not least just below 1.13 where USDCAD peaked in March. We want to fade USD gains above 1.12 and look for spot to drop back to 1.0950 or so in the next few weeks”.

USD/CAD important levels

At the moment the pair is losing 0.15% at 1.1168 and a drop below 1.1104 (21-d MA) would open the door to 1.1082 (low Oct.9) and finally 1.1071 (low Oct.2). On the flip side, the immediate resistance lines up at 1.1265 (high Oct.6) ahead of 1.1279 (2014 high Mar.20) and then 1.1300 (psychological level).

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