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USD/CAD contained around 1.1250

FXStreet (Edinburgh) - Back to square one for the greenback, now dragging USD/CAD to post session lows in the mid-1.1200s.

USD/CAD farther from 1.1400

Spot is retreating for the second consecutive session so far, coming down from yesterday’s multi-year peaks above 1.1400 the figure pre-US retail sales. Despite the sharp pullback, the prospects for the USD remains firm as long as expectations of the first rate hike by the Fed remains alive and are not kicked back (actually at some point between Q3 and Q4 2015). “We spot strong support at 1.1260/70 today, with resistance at 1.1425/35. Despite the recent volatility spike, the USD rebound appears well-entrenched on the short, medium and longer term charts”, observed strategists at TD Securities.

USD/CAD levels to watch

At the moment the pair is losing 0.03% at 1.1250 and a breach of 1.1226 (low Oct.15) would open the door to 1.1205 (23.6% of 1.0620-1.1385) and then 1.1190 (low Oct.14). On the flip side, the immediate hurdle aligns at 1.1360 (high oct.16) followed by 1.1385 (2014 high Oct.15) and finally 1.1400 (psychological level).

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