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USD/CAD remains under pressure before ADP data

 

Canadian October ADP Employment change are going to be expected later today.

Yesterday, October Canadian rate of inflation was published at +0.4% on month, far more than +0.1% expected. On a yearly basis, it stood at +0.7%, vs +0.3% expected. Later today, October ADP Employment change are going to be expected at -200,000.


From a technical point of view, on a daily chart, USD/CAD has struck against a former rising line and is capped by its 50-day moving average (in blue). The daily RSI stands around its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3250. the closest support would be set at November bottom at 1.2920 and a other would be set at set at September 2018 low at 1.2790 in extension.


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