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USD/CAD unstoppable, beyond 1.3400

FXStreet (Edinburgh) - The Canadian dollar keeps losing ground vs. its American counterpart on Thursday, pushing USD/CAD to fresh cycle tops beyond 1.3400 the figure.

USD/CAD higher on data

The greenback is extending its upbeat momentum against CAD in spite of the lacklustre figures from US Durable Goods Orders and the Chicago Fed National Activity index. On the brighter side, Initial Claims did better estimates at 267K during the week ended on September 18th.

Absent releases in the Canadian docket, the upcoming events will be New Home Sales in the US economy and the speech by Fed’s Chief Janet Yellen.

USD/CAD levels to consider

The pair is now up 0.66% at 1.3408 with the next hurdle at 1.3418 (high Sep.24) followed by 1.3495 (high Jun.29 2004) and finally 1.3533 (high Jun.28 2004). 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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The US labor department data released on Thursday showed the first time applications for unemployment benefits inched up slower than expected last week.
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