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USD/CAD drops to lows near 1.1380

FXStreet (Edinburgh) - It seems the greenback is now taking a breather, dragging USD/CAD to test session lows around 1.1380/75.

USD/CAD down from multi-year peaks

After hitting fresh highs in levels last seen in July 2009 beyond 1.1470, the pair has partially retraced the steep upside, returning to the 1.1380/band. It is worth recalling that a neutral-to-dovish stance from the BoC, depressed crude oil prices and a stronger greenback continue to weigh on the CAD and thus boosting spot to the area close to the psychological limestone at 1.1500. “. Ultimately there are developments that will slow the weakness in CAD; but as we are in the midst of a strong USD rally, the bias is for further CAD weakness”, observed Camilla Sutton, Chief FX Strategist at Scotiabank.

USD/CAD levels to watch

The pair is now losing 0.20% at 1.1386 and a breakdown of 1.1340 (low Nov.4) would aim for 1.1300 (psychological level) and then 1.1284 (Tenkan Sen). On the flip side, the initial resistance aligns at 1.1482 (Pivot Nov.5) ahead of 1.1497 (day uptrend channel) and then 1.1500 (psychological level).

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