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USD/CAD bounces off 1.1200

FXStreet (Edinburgh) - The USD/CAD is now grinding higher as we enter the final part of the NA session on Friday, managing to retake the mid-1.1200s.

USD/CAD softer post-data

The pair saw its intraday decline accelerated after consumer prices in the Canadian economy advanced above previous estimates during October 0.1% on a monthly basis and 2.4% YoY; core prices followed suit, up 0.3% MoM and 2.3% YoY. The CAD also gained steam following a better tone from the WTI prices, spiking to $78.00/bbl although losing some impetus afterwards. According to Shaun Osborne, Chief FX Strategist at TD Securities, “The 40-day MA has been a soft, rather than hard, base for the USD in the recent past and the market is finding support (so far) around the 38.2% retracement of the September/November rise at 1.1217. The USD looks soft but we are not convinced the slide in the market can extend too far from here”.

USD/CAD levels to watch

At the moment the pair is losing 0.45% at 1.1244 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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