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USD/CAD consolidating around 1.1350

FXStreet (Edinburgh) - The greenback is now stabilizing in the bottom of the intraday range, with USD/CAD meandering between 1.1340 and 1.1360.

USD/CAD hurt by data

Despite today’s pullback, spot is managing to close the week with gains for the second consecutive time, including a fresh multi-year high near 1.1470. The pair came down from the mid-1.1400s after US payrolls disappointed investors at 214K during October. Adding to the downside, the Canadian labour market surprised to the upside, as the Employment Change gained 43.1K and the jobless rate ticked lower to 6.5%. According to Shaun Osborne, Chief FX Strategist at TD Securities, “Given the sustained move up over the past week (from the low 1.11s) and the absence of any sizeable correction so far, we feel the near-term risk is geared towards a test of the 1.1295/00 area (50% retracement of the week’s gains in the next few days”.

USD/CAD levels to consider

As of writing the pair is retreating 0.64% at 1.1352 with the next support at 1.1330 (low Nov.7) ahead of 1.1300 (psychological level) and then 1.1294 (Tenkan Sen). On the upside, the immediate resistance is at 1.1450 (high Nov.7) followed by 1.1466 ( 2014 high Nov.5) and finally 1.1500 (psychological level).

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