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USD/CAD flirts with 1.0900

FXStreet (Edinburgh) - It seems the greenback is resuming its upside momentum on Tuesday, lifting the USD/CAD back to the 1.0900 neighbourhood.

USD/CAD focus on US data

Spot is extending the recent bounce off the 1.0870 region posted last week, looking to break above 1.0900 the figure on a sustainable basis. The cautious tone remains amongst traders however, as US inflation figures gauged by the CPI and Housing Starts/Building Permits are also due later. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “the outlook for CAD is stronger than it was at the beginning of August, but it still does not justify a material rally; leaving USDCAD relatively comfortable trading in a narrow1.08 to 1.10 range”.

USD/CAD levels to watch

At the moment the pair is advancing 0.17% at 1.0906 facing the next hurdle at 1.0919 (high Aug.15) followed by 1.0921 (high Aug.14) and finally 1.0941 (high Aug.13). On the flip side, a breach of 1.0868 (200-d MA) would open the door to 1.0861 (low Aug.15) and then 1.0808 (Kijun).

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