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4 Dec 2014
USD/CAD consolidating near 1.1360
FXStreet (Edinburgh) - The greenback is extending its consolidative pattern vs. its Canadian counterpart, with USD/CAD navigating between 1.1350 and 1.1380 so far.
USD/CAD eyes on Canada, US data
The pair seems to be consolidating yesterday’s decline from the 1.1420 area, as markets focus on US Initial Claims (295K exp.) and the PMI tracked by Ivey in Canada, expected to improve to 52.5 in November from 51.2 previous. Positive results from the US ISM Non Manufacturing on Wednesday allowed spot to clinch the 1.1420 area, although the less dovish tone from the BoC in its statement sparked gains in CAD, dragging spot lower.
USD/CAD significant levels
At the moment the pair is retreating 0.01% at 1.1363 and a breach of 1.1341 (Tenkan Sen) would open the door to 1.1319 (low Dec.2) and finally 1.1314 (low Dec.1). On the upside, the initial hurdle aligns at 1.1418 (high Dec.3) followed by 1.1425 (high Dec.2) and then 1.1459 (high Dec.1).
USD/CAD eyes on Canada, US data
The pair seems to be consolidating yesterday’s decline from the 1.1420 area, as markets focus on US Initial Claims (295K exp.) and the PMI tracked by Ivey in Canada, expected to improve to 52.5 in November from 51.2 previous. Positive results from the US ISM Non Manufacturing on Wednesday allowed spot to clinch the 1.1420 area, although the less dovish tone from the BoC in its statement sparked gains in CAD, dragging spot lower.
USD/CAD significant levels
At the moment the pair is retreating 0.01% at 1.1363 and a breach of 1.1341 (Tenkan Sen) would open the door to 1.1319 (low Dec.2) and finally 1.1314 (low Dec.1). On the upside, the initial hurdle aligns at 1.1418 (high Dec.3) followed by 1.1425 (high Dec.2) and then 1.1459 (high Dec.1).