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USD/CAD off highs, near 1.3340

FXStreet (Edinburgh) - The Canadian dollar remains on the defensive camp vs. the US dollar on Thursday, now taking USD/CAD to the 1.3340 area.

USD/CAD coming down from 1.3360

The pair is retracing yesterday’s spike to fresh 11-year tops near 1.3360, advancing uninterruptedly since Monday against the backdrop of renewed US-buying. In addition, disappointing Retail Sales figures in the Canadian economy during August and the persistent weakness surrounding crude oil prices have been also bolstering the pair’s recent upside.

Absent releases in Canada today, the US docket will come to the fore with Initial Claims, Durable Goods Orders and the speech by Fed’s J.Yellen.

USD/CAD levels to consider

The pair is now up 0.12% at 1.3336 with the next hurdle at 1.3341 (high Sep.24) followed by 1.3357 (high Sep.23). On the other hand, a breach of 1.3306 (low Sep.24) would aim for 1.3233 (low Sep.23) and finally 1.3216 (low Sep.22).

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