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USD/CAD around 1.1380 post-data

FXStreet (Edinburgh) - The greenback is almost unchanged after the releases in the US and Canada, with USD/CAD clinging to the area of 1.1380/85.

USD/CAD supported at 1.1360

The pair kept the composure after US headline Retail Sales surpassed estimates in October, expanding 0.3% inter-month vs. 0.2% forecasted; excluding the Transportation sector, sales also grew 0.3%. Data from Canada showed Manufacturing Shipments expanding at a monthly pace of 2.1%, surpassing consensus (1.1%) and reverting the previous 3.5% contraction. Next in the US docket will be the speech by Fed’s Bullard, followed by the Reuters/Michigan index and then Business Inventories. “We think the recent flat range in USDCAD will continue to play out near-term with funds supported in the 1.1295/1.1305 zone, if we even get that low today, and capped—in the short-run—around 1.14. We would prefer to fade USDCAD weakness”, noted Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD levels to watch

The pair is now up 0.02% en 1.1378 and a breakout of 1.1402 (high Nov.11) would aim for 1.1450 (high Nov.7) and then 1.1466 (high Nov.5). On the downside, the initial support lines up at 1.1300 (low Nov.13) followed by 1.1294 (Kijun Sen) and then 1.1281 (low Nov.12).

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