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USD/CAD holding on above 1.1300

FXStreet (Edinburgh) - The greenback is now attempting a consolidation pattern just above the 1.1300 handle, with USD/CAD deflating from earlier peaks near 1.1330.

USD/CAD eyes on the BoC

The positive releases from the US docket helped spot to break and (so far) remain above the key barrier at 1.1300, briefly spiking to the 1.1330 level soon afterwards. With US producer prices and the NAHB index surpassing estimates, market participants have now shifted their attention to the speech by BoC’s Deputy Governor Agathe Cote on ‘Inflation Targeting in the Post-Crisis Era’, due later in Canada. In the opinion of Shaun Osborne, Chief FX Strategist at Scotiabank, “USDCAD continues to consolidate but the mild downward track in the market that has been evident since the early part of the month remains intact, leaving the USD pressing up against the 1.1250/60 congestion area that developed over the past month”.

USD/CAD key levels

At the moment the pair is up 0.02% at 1.1203 and 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). On the downside, the immediate support aligns at 1.1260 (low Nov.18) ahead of 1.1253 (61.8% of 1.1122-1.1466) and then 1.1242 (pivot Nov.18).

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