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Forex: USD/CAD in session lows after US data

The Canadian dollar is gaining ground against the greenback on Thursday, after the US labor market extended its recent recovery in the past week. In fact, Initial Claims fell 10k to 332K in the week ended on March 10th, bettering expectations and previous print. US producer prices rose at an annualized rate of 1.7%, banging on forecasts.

Domestic data showed that Canadian New Housing Prices eased a tad in January, rising 0.1% MoM and 2.2% YoY against December’s 0.2% and 2.3%, respectively.

The cross is now down 0.21% at 1.0259
Further support levels lie at 1.0234 (low Mar.8) ahead of 1.0224 (MA21d) and then 1.0217 (low Feb.28).
On the flips side, a break above 1.0315 (high Mar.8) would expose 1.0329 (high Mar.7) and finally 1.0337 (high Mar.6).

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