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USD/CAD jumps to 1.1270

FXStreet (Edinburgh) - The US dollar is now quickly appreciating vs. its Canadian counterpart, taking USD/CAD to session highs around 1.1270.

USD/CAD weaker on data

The pair is trading on an upbeat mood after Canadian retail sales disappointed investors during August, contracting 0.3% inter-month. In addition, better-than-expectec inflation figures in the US economy gave extra legs to the greenback, boosting spot from the 1.1220 neighbourhood pre-releases. Spot now remains well positioned for another leg higher, as markets expect a dovish tone from Governor Poloz in today’s statement and press conference. “We really think USDCAD is trapped within a 1.12/1.14 range for the moment—justifiably to an extent as our work suggests that the currency is largely in line with fundamental fair value—and developments today are liable to foster the impression of a volatile though largely directionless range trade in place at the moment”.

USD/CAD levels to consider

At the moment the pair is up 0.39% at 1.1265 with the next resistance at 1.1297 (high Oct.21) ahead of 1.1360 (high Oct.16) and then 1.1385 (2014 high Oct.15). On the flip side, a breakdown of 1.1216 (low Oct.22) would open the door to 1.1202 (low Oct.21) and finally 1.1200 (psychological level).

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