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USD/CAD wobbles around 1.1200

FXStreet (Edinburgh) - The lack of direction seems to prevail in the greenback today, with USD/CAD hovering over both sides of 1.1200 the figure.

USD/CAD consolidating around 1.1200

Spot finally managed to retrace the violent drop post-FOMC minutes to the 1.1080 area, backed by a re-emergence of the US dollar and softer Canadian data releases. Ahead in the day, the speech by Fed’s Evans will be in the spotlight while Canadian markets will remain closed due to the Thanksgiving Day holiday. “We think new cycle highs for USDCAD this side of year-end are unlikely but relatively weak domestic fundamentals will ultimately catch up with the CAD again in 2015. We target a rise to 1.15 in Q1 (and think the risks are geared towards somewhat high levels over H1). A Q4 dip in USDCAD should provide good entry point for medium-term USD long positions”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD key level

The pair is now up 0.11% at 1.1212 facing the next resistance at 1.1222 (high Oct.10) ahead of 1.1265 (high Oct.6) and finally 1.1279 (2014 high Mar.20). On the other hand, a breakdown of 1.1160 (low Oct.10) would aim for 1.1109 (21-d MA) and then 1.1082 (low Oct.9).

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