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USD/CAD drops to test 1.1200

FXStreet (Edinburgh) - The US dollar now intensifies its intraday decline, pushing USD/CAD to levels closer to the key support at 1.1200.

USD/CAD weaker post-data

The pair came under further selling pressure after US Durable Goods Orders failed to surprise investors, contracting 1.2% inter-month during September. In the dame line, orders excluding the Transportation sector retreated 0.2%, missing estimates as well. Next of relevance will be US Consumer Confidence, expected to improve a tad to 87 for the present month. In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “the short-term pattern suggest that weakness to the 1.1155/65 area could be seen and the picture would still suggest consolidation. Last Thursday’s low at 1.1189 may underpin funds near-term. Resistance is 1.1250 intraday”.

USD/CAD significant levels

At the moment the pair is down 0.29% at 1.1215 with the immediate support at 1.1186 (Kijun Line) ahead of 1.1184 (low Oct.22) and finally 1.1168 (low Oct.13). On the flip side, a breakout of 1.1255 (high Oct.27) would expose 1.1263 (high Oct.23) and then 1.1272 (Tenkan Line).

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