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USD/CAD hit lows near 1.0860

FXStreet (Edinburgh) - The USD/CAD responded with an ephemeral knee-jerk to the area of 1.0870/65 in the wake of the US data releases.

USD/CAD in 2-week lows

A clear selling bias remains intact around spot, coming down more than one big-figure from weekly peaks around 1.0980. Today’s US docket was far away from benefiting the USD, with Producer Prices rising 0.1% MoM and 1.7% on a yearly basis in July, lower than June’s prints. The manufacturing gauge from the Empire State index posted a significant drop to 14.7 in July from 25.6 previous, accentuating the sell off. “We believe that as the Fed moves closer to the end of QE and the first rate hike grows larger in the horizon, the timing for the BoC's first hike will shift at a slower pace — if at all, and this should continue to favor USDCAD moving higher. We still target 1.12 by the end of Q4”, assessed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD significant levels

As of writing the pair is losing 0.30% at 1.0869 and a breakdown of 1.0808 (Kijun Sen) would aim for 1.0796 (low Jul.29). On the other hand, the initial hurdle lines up at 1.0908 (high Aug.15) ahead of 1.0941 (high Aug.13) and finally 1.0954 (high Aug.12).

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