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USD/CAD slips to 1.3360

FXStreet (Edinburgh) - The US dollar is now losing some of its shine, dragging USD/CAD to test session lows in the 1.3360/50 band.

USD/CAD bid on oil, US data eyed

A deceleration of the USD rally plus a better tone from crude oil prices – the barrel of WTI is advancing beyond $42.00 – is collaborating with the current leg lower, with spot derailing to daily lows in the mid-1.3300s and reverting the initial spike t

On the data front Canadian Current Account deficit has widened to $16.2 billion during the third quarter, while US Pending Home Sales and the Dallas Fed index will take centre stage later.

USD/CAD levels to consider

As of writing, the pair is losing 0.13% at 1.3365 and a break below 1.3217 (38.2% Fibo of 1.3459-1.2827) would aim for 1.3199 (55-day sma) and then 1.3166 (100-day sma). On the other hand, the initial hurdle lies at 1.3437 (high Nov.23) ahead of 1.3458 (2015 high Sep.29) and then 1.3500 (psychological level).

Econ calendar this week is packed with slew of market moving indicators/events scheduled for release

Markets will closely watch out for China PMI, ECB meeting, RBA rate statement scheduled to be released this week along with a slew of other indicators. Some of the indicators like China CPI, Australia Q3 GDP will reveal the performance of the economies in the last leg of the fiscal; while some major decisions like the ECB’s adoption of easing tools and Australia’s rate cut decision will determine how the economy will likely shape up in the next fiscal.
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