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USD/CAD spikes to 1.1290 post-data

FXStreet (Edinburgh) - The US dollar is picking up pace again vs. its Canadian counterpart on Tuesday, lifting USD/CAD back to the 1.1290/95 band.

USD/CAD rebounds from 1.1260

The pair managed to quickly leave behind session lows in the 1.1260 area after the US economy expanded beyond expectations 3.9% on a yearly basis during the third quarter. Further data showed that inflation figures gauged by the Personal Consumption Expenditures (PCE) rose 1.3% over the last twelve months, surpassing both forecasts and Q2’s print at 1.2%. On the Canadian side, Retail Sales surprised investors to the upside, expanding at a monthly pace of 0.8% vs. 0.5% previously estimated and August’s 0.2% contraction.

USD/CAD relevant levels

As of writing the pair is up 0.01% at 1.1289 with the next hurdle at 1.1326 (high Nov.21) ahead of 1.1329 (50% of 1.1466-1.1191) and finally 1.1369 (high Nov.20). On the downside, a break below 1.1278 (low Nov.25) would aim for 1.1225 (low Nov.24) and then 1.1191 (low Nov.21).

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