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USD/CAD trims losses

FXStreet (Edinburgh) - The greenback managed to recover ground lost during the European morning, now lifting USD/CAD back to the 1.1240 area.

USD/CAD attention to US data

Nothing of note from the Canadian side so far, with the recent and worrisome events from the shooting in Ottawa still hovering over the markets. On the other side of the border, Pending Home Sales and the services PMI tracked by Markit will take centre stage in an otherwise apathetic session. “It’s a range trade for funds now but we still think USDCAD is likely to reach 1.15 in H1 next year and minor, corrective dips in funds in the next few weeks will be a buying opportunity”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD levels to consider

At the moment the pair is advancing 0.08% at 1.1240 with the next resistance at 1.1263 (high Oct.23) followed by 1.1285 (Tenkan Sen) and then 1.1297 (high Oct.21). On the flip side, a breakdown of 1.1211 (21-d MA) would open the door to 1.1184 (low Oct.22) and finally 1.1168 (low Oct.13).

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