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USD/CAD eyes 1.0970 on data

FXStreet (Edinburgh) - The Canadian dollar is now rapidly depreciating vs. the greenback, lifting the USD/CAD towards the 1.0970 level, or session highs.

USD/CAD stronger post-Canadian docket

Spot is gaining further ground after the employment figures in the Canadian economy surprised investors to the downside, with job creation expanding by just 0.2K vs. 20.0K forecasted, albeit the jobless rate ticked lower to 7.0% during July vs. 7.1% previous. “Technically, short-term price action still looks a little heavy after Wednesday’s sell-off; a rebound though 1.0950 would be a minor USD-positive. A move below 1.09 would likely lead to a retest of the 200-day MA at 1.0855”, signaled Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD significant levels

The pair is now up 0.30% at 1.0960 with the next resistance at 1.0986 (high Aug.6) ahead of 1.1000 (psychological level) and then 1.1007 (high May 2). On the downside, a drop beyond 1.0907 (low Aug.7) would expose 1.0878 (100-d MA) and then 1.0850 (low Jul.30).

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