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USD/CAD consolidates below 1.1200

FXStreet (Córdoba) - USD/CAD trades little changed on the day just below the 1.1200 level after the latest upward attempt stalled at the 1.1220/25 area, roughly at the same level it did yesterday.

USD/CAD pulled back from highs, in tandem with a softer US dollar across the board, but the 1.1165 zone offered support, confining the pair to a consolidative phase. At time of writing, USD/CAD is trading at 1.1185, flat on the day.

USD/CAD short-term technical outlook

Camilla Sutton, analyst at Scotiabank points to a mixed short‐term technical outlook. “Technical studies failed yesterday to break towards a more bearish outlook and instead the currency remains within its recent 1.1072 to 1.1385 range. A close above 1.1247 would open up a test to 1.1385”.

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