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USD/CAD supported around 1.3250

FXStreet (Edinburgh) - The Canadian dollar remains on the right footing vs. its American counterpart on Thursday, with USD/CAD finding support around the mid-1.3200s.

USD/CAD looks to US docket, oil

Spot is losing ground for the second session in a row as the Canadian dollar keeps deriving support from a better tone around crude oil prices. Collaborating with the downside, the greenback is struggling to find direction today, extending the consolidative pattern across the board.

Moving forward, the critical ISM Manufacturing and Initial Claims are due in the US calendar, while the RBC Manufacturing PMI is due in Canada.

USD/CAD levels to consider

At the moment the pair is now losing 0.33% at 1.3270 and a break below 1.3250 (low Oct.1) would open the door to 1.3233 (low Sep.23) and finally 1.3219 (low Sep.22). On the upside, the initial hurdle lines up at 1.3334 (high Oct.1) ahead of 1.3412 (high Sep.30) and then1.3457 (high Sep.29).

USDCAD: Weighed down under pressure - TDS

Research Team at TDS, note that it was a big day for USDCAD in yesterday’s afternoon session in New York which saw a collapse from 1.3400 to 1.3310 and the selloff has resumed in the overnight Asia session towards 1.3250 but has now stabilized around 1.3280.
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