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USD/CAD treading water around 1.1270

FXStreet (Edinburgh) - The greenback is looking to stabilize at the end of the trading week, taking USD/CAD to the area of 1.1270.

USD/CAD boosted by data, USD

The upbeat tone in the greenback post-FOMC helped spot to leave 2-week lows in the 1.1120 region. Furthermore, poor GDP figures from the Canadian GDP in August (economy contracted 0.1% MoM) and the BoJ dovish stance in its meeting today gave extra wings to the US dollar, lifting the pair to fresh multi-day peaks in the 1.1320/30 band. According to Camilla Sutton, Chief FX Strategist at Scotiabank, “A vulnerable global growth pattern, materially lower oil prices, and an uneven domestic outlook are working against CAD. Scotiabank Economics has pushed out its forecast for the first BoC interest rate hike to the first quarter of 2016; three quarters behind the Fed”.

USD/CAD significant levels

At the moment the pair is up 0.77% at 1.1270 and a break above 1.1332 (high Oct.31) 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 1.1227 (Tenkan/Kijun lines) ahead of 1.1183 (low Oct.31) and finally 1.1122 (low Oct.29).

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