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USD/CAD eases from peaks

FXStreet (Edinburgh) - The greenback is now taking a breather vs. the Loonie, taking USD/CAD back to the 1.1420 area from tops beyond 1.1440.

USD/CAD stronger after data

Auspicious results from US Initial Claims (278K act.) and a softer reading from the Canadian PMI tracked by Ivey gave extra wings to the pair, although the bull run stalled ahead of 1.1450. Looking to Friday’s docket, Canadian and US labour markets reports are due, with consensus expecting the US economy to have created 231K jobs during October. The week will conclude with speeches by Chairwoman Yellen and Fed members Tarullo and Evans. Richard Franulovich, FX Strategist at Westpac, noted, “More immediately, USD/CAD looks overdone and should ease back to 1.12 in the week ahead”.

USD/CAD levels to watch

The pair is now up 0.34% at 1.1427 with the next resistance at 1.1466 (high Nov.5) ahead of 1.1497 (day uptrend channel) and then 1.1500 (psychological level). On the flip side, a breakdown of 1.1340 (low Nov.4) would aim for 1.1300 (psychological level) and then 1.1294 (Tenkan Sen).

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