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USD/CAD retreats after Friday’s rally

FXStreet (Córdoba) - After retesting recent highs Friday and going through a consolidation phase following disappointing Canadian jobs data, the USD/CAD came under mild pressure Monday ahead of the New York opening.

The USD/CAD was once again capped by the 1.0985 area Friday as the pair continues to lose momentum in every approach to the 1.1000 area. The USD/CAD has dipped to a daily low of 1.0959 in recent dealings and it is currently trading at 1.0965, a few pips below its opening price.

The only data to note today will be the release of Canadian housing starts for July at 12:15 GMT and a couple of bill auctions in the US at 15:30 GMT.

USD/CAD technical levels

As for technical levels, if the USD/CAD breaks below 1.0960, next supports are seen at 1.0908 (Aug 8 low), 1.0898 (23.6% Fibo of 1.0619/1.0985) and 1.0874 (100-day SMA). On the flip side, resistances could be found at 1.0983/85 (Aug 8 & 6 highs) and the important 1.1000 (psychological level).

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