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USD/CAD extends the drop below 1.2900

FXStreet (Edinburgh) - The greenback continues to depreciate vs. its Canadian counterpart in the second half of the week, now dragging USD/CAD to sub-1.2900 levels.

USD/CAD attention to US CPI

Spot has recently breached the key support at 1.2900 the figure to print fresh 3-month lows near 1.2880 backed by the increasing weakness surrounding the US dollar and the recovery in crude oil prices, which keeps supporting CAD.

Ahead in the session, key CPI figures in the US economy will keep the attention on the greenback, seconded by Initial Claims, the Philly Fed Manufacturing Survey and speeches by Bullard, Dudley and Mester.

USD/CAD levels to consider

As of writing, the pair is down 0.38% at 1.2884 and a breakdown of 1.2869 (Fibo 38.2% of 1.1916-1.3458) would expose 1.2859 (low Jul.29) and then 1.2800 (psychological level). On the other hand, the initial up barrier aligns at 1.3000 (psychological handle) followed by 1.3095 (Fibo 23.6% of 1.1916-1.3458) and finally 1.3176 (55-day sma).

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