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USD/CAD hits 3-week lows despite data

FXStreet (Córdoba) - USD/CAD extended the decline and printed fresh lows at the beginning of the American session, as currencies linked to commodities continue to outperform amid mild risk appetite.

The loonie is rising for a second day in a row versus its US counterpart, having dragged USD/CAD to its lowest level in 3 weeks. USD/CAD scored a low of 1.1121 in recent dealings, and remains vulnerable ahead of the Federal Reserve monetary policy decision.

The latest string of disappointing Canadian data did little to halt the CAD rally. Industrial production fell 0.4% in September versus a drop of 0.1% expected, while raw material prices declined 1.8% against -0.9% forecasted.

USD/CAD technical levels

At time of writing, USD/CAD is trading at 1.1125, recording a 0.39% loss so far on the day. As for technical levels, next supports are seen at 1.1100 (psychological level) and 1.1080 (Oct 9 low). On the flip side, resistances could now be found at 1.1173 (intraday high) and 1.1211 (20-day SMA).

EUR/JPY ready to test back daily highs

Earlier in the day, the EUR/JPY failed to break above yesterday highs at 137.80 as the pair found selling interest at this level that sent it back to 137.40. However, the pair managed to bounce here and now it is trading back at highs. Ready to break?
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