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USD/CAD aims for 1.1300

FXStreet (Edinburgh) - The greenback is now gathering pace vs. the Loonie, lifting USD/CAD back to the 1.1300 neighbourhood.

USD/CAD stronger post data

The Canadian dollar is retreating further despite the manufacturing PMI gauged by RBC surprised investors to the upside, coming in at 55.3 vs. 53.5 during October; on the US side of the equation Markit’s PMI dropped to 55.9 vs. September’s 57.5. “We think modest dips are a buy and we would be reluctant to fade gains from here—USDCAD is shaping up for a move (recall weekly technicals point to 1.18+)”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD levels to watch

As of writing the pair is advancing 0.32% at 1.1302 and a surpass of 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 other side, the immediate support lines up at 1.1264 (low Nov.3) ahead of 1.1227 (Tenkan Sen) and then 1.1183 (low Oct.31).

NZD/USD falls to fresh 4-week low

After a short lived recovery, NZD/USD turned again to the downside and fell to 0.7722, reaching the lowest price since October 6.
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United States Markit Manufacturing PMI declined to 55.9 in October from previous 57.5

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