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USD/CAD keeps falling, 1.1250 eyed

FXStreet (Edinburgh) - The greenback extends its bearish momentum vs. the Canadian dollar on Tuesday, with USD/CAD now easing to session lows in the 1.1260 region.

USD/CAD now looks to US Consumer Confidence

Spot rapidly faded the spike to the vicinity of 1.1300 the figure in the wake of the US Q3 GDP release, allowing a continuation of the current decline and opening the door for a potential test of the mid-1.1200s. Next of relevance for the pair will be the US Consumer Confidence, with consensus expecting an improvement to 96.0 for the present month vs. 94.5 previous. Camilla Sutton, Chief FX Strategist at Scotiabank, noted “technicals continue to call for a further test to the downside; with the MACD, short-term trend and moving averages all generating sell signals”.

USD/CAD relevant levels

As of writing the pair is down 0.24% at 1.1260 and a breach of 1.1225 (low Nov.24) would aim for 1.1191 (low Nov.21) ahead of 1.1185 (daily cloud top). On the flip side, the initial resistance aligns at 1.1316 (high Nov.25) followed by 1.1326 (high Nov.21) and finally 1.1329 (50% of 1.1466-1.1191).

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