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USD/CAD challenges 1.1300

FXStreet (Edinburgh) - The offered tone is growing bigger around the US dollar on Thursday, now pushing USD/CAD to test the 1.1300 psychological support.

USD/CAD lower despite US data

Spot sparked the current leg lower soon after posting overnight peaks around 1.1370. The greenback remained unable to sustain any bout of buying interest in spite of data releases in the UK economy surprised investors to the upside. Moving forward to tomorrow’s docket, the only significant release across the pond will be the inflation figures in Canada, with consensus expecting consumer prices to have risen at an annual pace of 2.1% during October vs. September’s 2.0%. “The consolidation ceiling continues to cap gains while the downside for USDCAD is limited by rising trend/40-day MA support at 1.1255/60. Pattern favours an eventual upside break”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD levels to watch

At the moment the pair is losing 0.41% at 1.1303 with the next support at 1.1295 (low Nov.19) followed by 1.1260 (low Nov.18) and then 1.1253 (61.8% of 1.1122-1.1466). On the flip side, a breakout of 1.1369 (high Nov.20) would aim for 1.1394 (high Nov.14) and finally 1.1402 (high Nov.11).

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