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USD/CAD keeps the trade above 1.3500

FXStreet (Edinburgh) - The Canadian dollar remains on the back footing vs. its neighbour today, sending USD/CAD to the current 1.3540/35 area.

USD/CAD firmer on oil collapse

The persistent decline in crude oil prices have been the exclusive driver behind the selling pressure hitting CAD, and thus lifting the pair to fresh cycle highs in levels last seen in June 2004 near 1.3560.

Data wise in Canada, Building Permits and Housing Starts are due next ahead of Governor S.Poloz speech, while IBD/TIPP Economic Optimism and JOLTS Job Openings will be in the limelight in the US calendar.

USD/CAD levels to consider

As of writing, the pair is advancing 0.19% at 1.3538 with the initial hurdle at 1.3600 (psychological level). On the downside, a drop below 1.3217 (355-day sma) would expose 1.3192 (100-day sma) and then 1.3162 (7-month uptrend).

China’s trade surplus narrowed in October with exports taking a hit - ING

Prakash Sakpal, Economist at ING, notes that the China’s November exports surprised on the downside with -6.8% YoY growth but imports were better at -8.7% YoY (consensus -5.0% and -11.9% respectively).
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Eurozone GDP stalled while UK manufacturing and industrial output fell – TDS

Research Team at TDS, lists down the outcome of the key data releases from the UK and Eurozone for today.
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