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USD/CAD pulls back from recent highs

FXStreet (Córdoba) - USD/CAD has pulled back from fresh 5-year highs amid positive sentiment after better-than-expected US data and profit taking in oil after a strong slump.

USD/CAD reached its highest level since July 2009 at 1.1466 during the European session amid broad USD strength, but came under mild pressure and trimmed intraday gains early in America. At time of writing, USD/CAD is trading at 1.1431, still 0.2% above its opening price.

USD/CAD technical outlook

“The outlook for USDCAD remains bullish on the charts, as there are no clear caps on the upside. Intraday, a break above 1.1480 would open a move towards 1.1550”, said the TD Securities team. “Longer-term, 1.18 remains in sight over the next few months. “1.1410 –yesterday’s closing — would be the first support, and 1.1360 appears further down the road”.

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