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USD/CAD in fresh cycle highs near 1.3470

FXStreet (Edinburgh) - The greenback keeps pushing higher vs. its Canadian peer today, now lifting USD/CAD to fresh cycle tops near 1.3470.

USD/CAD boosted by oil weakness

The Canadian dollar keeps losing ground backed by today’s slump in crude oil prices, at the moment trading in daily lows around the $39.00 mark. Crude oil prices have intensified its downside after the OPEC has recently decided not to cut its output at its meeting last Friday.

In the meantime, the upbeat tone remains unchanged around the greenback ahead of the Fed’s Labor Market Conditions Index and J.Bullard’s speech.

USD/CAD levels to consider

As of writing, the pair is advancing 0.62% at 1.3460 with the initial hurdle at 1.3500 (psychological level). On the downside, a drop below 1.3217 (38.2% Fibo of 1.3459-1.2827) would expose 1.3187 (100-day sma) and then 1.3069 (61.8% Fibo of 1.3459-1.2827).

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