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USD/CAD supported at 1.1120

FXStreet (Edinburgh) - The downbeat momentum around the greenback seems to have found decent support in the low-1.1100s, with USD/CAD now coming back to the 1.1140 region.

USD/CAD looks to the Fed

Spot is losing ground for the second consecutive session so far, printing session lows in levels last seen in early October around 1.1130. The current leg lower remains framed within the ampler correction lower from multi-year peaks near 1.1400 the figure (October 15th). Next of note will be the long waited FOMC meeting, expected to announce the end of the current QE3 programme. Strategists at TD Securities suggested “we have to think that 1.1190/00 is resistance for USDCAD in the near-term and that the market is liable to fade short-term gains back above 1.1150 to the upper 1.11s with a view to testing 1.1075/80”.

USD/CAD significant levels

At the moment the pair is retreating 0.26% at 1.1137 with the next support at 1.1093 (38.2% of 1.0620-1.1385) followed by 1.1082 (low Oct.9) and then 1.1071 (low Oct.2). On the upside, a break above 1.1224 (Tenkan Sen) would target 1.1255 (high Oct.27) en route to 1.1263 (high Oct.23).

AUD/USD's advance stopped at 0.8910; focus on 0.9000?

The AUD/USD's advance from the 0.850 area broke above the 0.8900 key level before reaching the highest level since September 23 at 0.8910. However the pair failed to maintain levels above 0.8900 and currently trades back to 0.8890.
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