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USD/CAD muted on US data

FXStreet (Edinburgh) - USD/CAD is keeping the 1.1240 area on Thursday in the wake of the US weekly report on the labour market.

USD/CAD rebounds at 1.1200

Spot found decent support in the proximities of 1.1200 the figure today, now managing to recover the 1.1235/40 band. The pair remained indifferent after US Initial Claims increased to 283K in the week ended on October 17th, up from 266K posted in the previous week. Ahead in the day, the manufacturing PMI tracked by Markit is also due in the US economy, expected to ease a tad to 57.0 from 57.5. “On the charts, a bias towards USD strength is visible, with USDCAD holding support in the 1.1200 area over the last 24 hours and trading through short-term break out resistance on the 6-hour chart at 1.1240, just”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD key levels

At the moment the pair is up 0.02% at 1.1238 with the initial hurdle at 1.1297 (high Oct.21) ahead of 1.1360 (high Oct.16) and then 1.1385 (2014 high Oct.15). On the downside, a breach of 1.1190 (low Oct.14) would open the door to 1.1168 (low Oct.13) and finally 1.1160 (low Oct.10).

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