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USD/CAD approaches 1.34, BoC eyed

FXStreet (Edinburgh) - The Canadian dollar keeps depreciating vs. its American neighbour on Wednesday, now lifting USD/CAD to the boundaries of 1.3400 the figure.

USD/CAD stronger on ADP, looks to BoC

The pair’s upside has been reinvigorated after US ADP report has surprised markets to the upside, showing the US Private Sector remains on a healthy tone after adding 217K jobs during November (vs. 190K expected and up from 196K prev.)

Next on tap for the Canadian dollar will be the BoC monetary policy meeting. Barring any surprise, consensus expects rates to stay put at 0.5%. In the same line, absent a MPR and a press conference, the communiqué is expected to show just a few updates of the central bank’s views.

USD/CAD levels to consider

As of writing, the pair is advancing 0.20% at 1.3392 with the initial hurdle at 1.3437 (high Nov.23) followed by 1.3458 (2015 high Sep.29) and finally 1.3500 (psychological level). On the downside, a drop below 1.3217 (38.2% Fibo of 1.3459-1.2827) would expose 1.3197 (55-day sma) and then 1.3165 (100-day sma).

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