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USD/CAD to post highest weekly close since 2004

FXStreet (Córdoba) - USD/CAD is about to end the Friday below the 1.3350 area but on top of 1.3300, posting the highest weekly close since June 2004. The pair has remained steady during the last hours as the rest of the currency market.

It peaked during the European session at 1.3355 and then turned to the downside. The area around 1.3300 offered support. It was trading at 1.3320/30, 110 pips above the level it had a week ago.

Greenback rose across the board during the week and was among the top performers; CAD outperformed AUD but dropped against NZD.

Week ahead

Next week important economic data from the US and Canada will be released. The most relevant repots will be on Wednesday in Canada with GDP data and on Friday with the US employment report.

Analysts from TD Securities look for a July GDP print at 0.2% (m/m), in line with market consensus. “This would be consistent with our Q3 GDP tracking of 2.2-2.5%, which is ahead of the Bank of Canada’s 1.5% forecast, and why there is a high hurdle for them to turn dovish”. In the US, expectations are for an increase in September NFP of 202.000 after the 173.000 reading of August.

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