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USD/CAD turns negative post-data, around 1.3070

FXStreet (Edinburgh) - The Canadian dollar is now reclaiming ground lost to its American neighbor in early trade, dragging USD/CAD to daily lows near 1.3060.

USD/CAD softer on data, oil

Once again, the strong recovery of crude oil prices is lending support to the Canadian dollar, collaborating with the current leg lower in the pair towards 3-week lows in the 1.3065/60 band.

Previously, August’s wider than expected trade deficit in Canada and a disappointing figure from the Ivey’s PMI for the month of September has pushed spot to test session peaks near 1.3140, although the upside momentum has run out of legs soon afterwards.

USD/CAD levels to consider

As of writing, the pair is losing 0.07% at 1.3075 and a breakdown of 1.3058 (low Oct.6) would open the door to 1.2997 (100-d ema) and then 1.2952 (low Aug.12). On the other hand, the next hurdle aligns at 1.3155 (55-d ema) followed by 1.3200 (psychological level) and finally 1.3457 (11-year high Sep.29).

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