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USD/CAD unmotivated near 1.1240

FXStreet (Edinburgh) - The lack of direction remains in the global markets so far, with USD/CAD now meandering in a narrow range around 1.1240.

USD/CAD focus on US housing data

The pair managed to recover at least half of yesterday’s sell off post-BoC, rebounding from weekly lows near 1.1180 to today’s highs around 1.1260. Looking to tomorrow’s docket in the US economy, the housing sector will be in the spotlight with the release of New Home Sales figures for the month of September. In the view of analysts at TD Securities, “the general trend remains higher but has clearly lost momentum after the heavy selling seen last week and earlier this week. Daily trend support stands at 1.1202 today. A daily close below here would signal more weakness near-term at least”.

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).

GBP/USD remains capped below 1.6050

GBP/USD made another attempt to the upside, but it was capped by the 200-hour SMA and sent back to its consolidative range during the American session.
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GBP/JPY seeking out the 174 handle

GBP/JPY is trading at 173.56, up 0.93% on the day, having posted a daily high at 173.67 and low at 171.71.
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