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USD/CAD tests 200-hour SMA

FXStreet (Córdoba) - USD/CAD picked up pace and climbed to fresh daily highs during the New York session before running into resistance.

USD/CAD turned north after hitting a low of 1.1298 on the back of disappointing US jobless claims, and reached a high of 1.1364 before the 200-hour SMA capped the advance. At time of writing, USD/CAD is trading at 1.1350, recording a 0.30% gain on the day.

USD/CAD perspective

Canadian dollar retains a soft bias, according to TD Securities team. “Scope for significant or sustained CAD strength is limited—mainly, for the moment, by the continued softness in crude, with Brent slipping to a new 4-year low below $80/bbl and WTI holding precariously a little above the early November low of $75.84”, they commented. “Crude prices are poised to remain under pressure amid ongoing supply worries and, as we highlighted yesterday, it is hard getting too constructive on the CAD as a consequence”.

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