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USD/CAD losing altitude, around 1.3720

FXStreet (Edinburgh) - The Canadian dollar is picking up pace vs. its American counterpart today, sending USD/CAD to test the area of 1.3720.

USD/CAD supported around 1.3700

The pair has found decent support around overnight lows near 1.3700 the figure, correcting lower from recent highs around 1.3760, last traded in June 2004. The bearish tone around crude oil prices has been growing bigger as of late, taking a toll on the Canadian dollar and thus lifting spot to multi-year peaks.

Ahead in the week, Governor S.Poloz will give a press conference on the Financial System Review (Tuesday), while the FOMC meeting will take centre stage on Wednesday.

USD/CAD levels to consider

As of writing, the pair is retreating 0.13% at 1.3724 with the next support at 1.3401 (2-month uptrend) ahead of 1.3246 (55-day sma) and then 1.3222 (100-day sma). On the other hand, a break above 1.4000 (monthly high May 2004) would expose 1.4195 (monthly high Jul.2003).

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