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USD/CAD muted post-US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Canadian dollar is trading almost unchanged vs. its American counterpart on Tuesday, with USD/CAD hovering over 1.3270/75.

    USD/CAD indifferent to US releases

    The pair has paid no attention to the contraction of US Export and Import Prices, dropping 0.2% and 0.5% on a monthly basis, respectively, matching previous estimates.

    Crude oil prices are slightly up on the day, lending some support to the Canadian dollar, while speculations on a Fed’s lift-off in December remain the almost exclusive driver behind the pair’s price action.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.07% at 1.3284 with the next hurdle at 1.3317 (high Nov.6) followed by 1.3355 (high Aug.25) and then 1.3458 (high Sep.29). On the other hand, a break below 1.3176 (55-day sma) would expose 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2983 (5-month uptrend).
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