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USD/CAD retreats from 1.1280

FXStreet (Edinburgh) - USD/CAD is now deflating from session tops around 1.1280 on Monday, returning to the 1.1270/65 band.

USD/CAD trims losses

The pair is prolonging its intraday rebound from levels sub-1.1200 posted on Friday, regaining almost a big-figure to today’s tops in the 1.1280 neighbourhood. Data from the US economy saw Markit’s Services PMI coming in lower at 56.3 for the month of November vs. 57.2 in the previous month. “We would look for a close above 1.1260 as supportive, although we would need to see funds trading above 1.1312 (23.2% retracement of the Sept-Nov run) to reduce the risk of a push back to the low 1.11s”, commented analysts at TD Securities.

USD/CAD significant levels

At the moment the pair is advancing 0.28% at 1.1271 and a breakout of 1.1303 (10-d MA) would aim for 1.1326 (high Nov.21) and finally 1.1369 (high Nov.20). On the downside, the immediate support lines up at 1.1225 (low Nov.24) followed by 1.1191 (low. Nov.21) ahead of 1.1185 (low Oct.31).

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