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USD/CAD challenges 2014 peaks

FXStreet (Edinburgh) - The solid undertone around the greenback remains unchanged in the first half of the week vs. its Canadian peer, now lifting USD/CAD to the upper band of the range round 1.1380.

USD/CAD eyes on US, Canada dockets

Spot reverted the overnight correction lower after finding decent support in the 1.1330 area, extending the upside momentum to current levels closer to the psychological mark at 1.1400. Ahead in the day, the main catalysts for price action will come from the Canadian and US trade balance figures, ahead of US Factory Orders. It is worth noting that the soft tone in the Loonie was reinforced yesterday after BoC’s Poloz commented the central bank is in no rush to hike rates. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “Our technical work suggests scope for a push to the 1.18 area in the next few months. We will be looking for opportunities to get long USDCAD on ay sort of dip in the next 1-2 weeks, recognizing that these dips may be shallow and relatively short-lived”.

USD/CAD levels to consider

As of writing the pair is advancing 0.21% at 1.1382 and a surpass of 1.1385 (2014 high Oct.15) would aim for 1.1400 (psychological level) and finally 1.1446 (pivot point Nov.4). On the other side, the immediate support lines up at 1.1340 (low Nov.4) followed by 1.1264 (low Nov.3) ahead of 1.1253 (Tenkan Sen).

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