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USD/CAD breached 1.1200 on data

FXStreet (Edinburgh) - The CAD is gathering traction following the release of the inflation figures in Canada, dragging USD/CAD to test levels sub-1.1200.

USD/CAD weaker post-CPI

Spot is coming under selling pressure after consumer prices bettered estimates in the Canadian economy, rising at an annual pace of 2.4% and 0.1% inter-month, vs. 2.1% and -0.2% expected, respectively. The Core print, tracked by the BoC, also surpassed consensus coming in at 2.3% YoY and 0.3% MoM. A stronger price of the crude oil – advanced near $78.00/bbl - is also lending support to the CAD, collaborating with the intraday downside at the same time.

USD/CAD levels to watch

At the moment the pair is losing 0.82% at 1.1212 with the next support at 1.1191 (low. Nov.21) ahead of 1.1185 (low Oct.31) and then 1.1122 (low Oct.29). 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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