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USD/CAD testing 1.1300

FXStreet (Edinburgh) - The US dollar is losing the grip vs. its neighbour on Monday, now dragging USD/CAD to challenge the 1.1300 handle.

USD/CAD bounce off 1.1270

The pair is looking to revert last Friday’s deep pullback, managing to gather traction from today’s troughs around the area of 1.1270/80. Once again, the greenback will be the most relevant catalyst for the pair’s price action throughout this week, with only key Canadian inflation figures due on Friday. Camilla Sutton, Chief FX Strategist at Scotiabank, argued the short term technicals area mixed, adding, “The MACD and spot pattern warn that USDCAD upside momentum has temporarily halted; even as the general trend is higher. We would expect USDCAD to trade within its recent range of 1.1270 to 1.1467 this week; a break below 1.1270 would open up a test down to the 50-day MA at 1.1192”.

USD/CAD key levels

At the moment the pair is up 0.23% at 1.1302 and a surpass of 1.1394 (high Nov.14) would expose 1.1402 (high Nov.11) and then 1.1450 (high Nov.7). On the flip side, the immediate support aligns at 1.1269 (low Nov.17) ahead of 1.1264 (low Nov.14) and finally 1.1253 (61.8% of 1.1122-1.1466).

USD/CHF rises to 0.9650

Greenback rose further against the Swiss Franc during the American session and printed a fresh daily high at 0.9653.
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