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USD/CAD surpassed 1.1200 on data

FXStreet (Edinburgh) - The Loonie is now losing ground vs. its neighbour on Friday, pushing USD/CAD back above the 1.1200 handle.

USD/CAD firmer post-data

Spot is climbing towards the mid-1.1200s after Canadian GDP figures disappointed investors in August, contracting 0.1% on a monthly basis and missing forecasts for a flat reading. Further data showed US Personal Income growing 0.2% inter-month in September while Personal Spending dropped 0.2%. Inflation figures tracked by the headline PCE rose 1.4% YoY while Core PCE advanced 1.5% over the last twelve months. Analysts at TD Securities observed “we continue to favour looking for opportunities to buy USDCAD; we think the broader trend is higher and there is a growing risk that the calendar year-end correction in the USD we would see fails to show up in the next few weeks”.

USD/CAD significant levels

At the moment the pair is up 0.72% at 1.1265 and a break above 1.1297 (high Oct.21) would open the door to 1.1360 (high Oct.16) and then 1.1385 (2014 high Oct.15). On the downside, the immediate support aligns at 1.1122 (low Oct.29) ahead of 1.1093 (38.2% of 1.0620-1.1385) followed by 1.1082 (low Oct.9).

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