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Trader, analyst and instructor with a 6-year experience

USD/CAD edged higher on Wednesday, having broken above the 1.0200 level earlier in the day. However, after peaking at the 1.0220 mark, the pair has returned back below 1.0200 following the publication of weaker-than-expected economic data in the US. Note that Canadian manufacturing sales also contracted despite the projected growth.

Next support lies for the pair at 1.0100, 1.0080, 1.0040 and 1.0000. Resistance is seen at 1.0220, 1.0290/03000 and 1.0340. Pay special attention to the US data releases and to the oil prices. 

 

Chart. Daily USD/CAD

 

CAD
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