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USD/CAD bounces off 1.1260

FXStreet (Edinburgh) - After bottoming out in the 1.1260 region, USD/CAD managed to pick up pace and recover the upper-1.1200 band.

USD/CAD eyes on US docket

Spot remains on track to regain the ground lost on Monday, falling from weekly peaks around 1.1330 so far. Ahead in the day, US Producer Prices, NAHB Housing Market index and the TIC Flows will take centre stage ahead of the speech by BoC’s Cote. In the opinion of analysts at TD Securities, “More losses may be seen near-term though we remain bullish on the longer-term outlook”.

USD/CAD key levels

At the moment the pair is down 0.05% at 1.1290 with the next support at 1.1260 (low Nov.18) ahead of 1.1253 (61.8% of 1.1122-1.1466) and then 1.1242 (pivot Nov.18). On the upside, a break above 1.1328 (high Nov.17) would open the door to 1.1394 (high Nov.14) and finally 1.1402 (high Nov.11).

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