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Forex: USD/CAD side-lined around 1.0160/65

FXstreet.com (Barcelona) - The Canadian dollar is trading flat against the greenback on Thursday, hovering over 1.0165/70 as risk-on mode is dominating the markets’ mood. Recall that GDP figures during January surprised investors, rising 0.2% on a monthly basis vs. 0.1% expected.

“Yesterday’s stronger than expected inflation print, rising 1.2%m/m on headline and 0.8% m/m on core helped to support CAD but had no impact on the market’s pricing of interest rates in Canada, currently pricing in no change in the next 12‐months”, signalled Camilla Sutton, Strategist at Scotiabank.

At the moment, the cross is losing 0.02% at 1.0164 facing the next support at 1.0150 (low Mar.27) ahead of 1.0055 (low Feb.18) and then 0.9995 (high Feb.7).
On the upside, a breakout of 1.0222 (MA10d) would open the door to 1.0251 (MA21d) and finally 1.0315 (high Mar.8).

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