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USD/CAD hovers at 1.03 key zone

FXstreet.com (Chicago) - USD/CAD bounced off 1.0274 lows after a strong market participants’ reaction to US data releases. The pair bottoms losers with 0.22% losses so far for a total of 48 pips this week.

Wait and see mindsets

According to the ICN technical analysis team, the pair is on a bullish channel with a general short-term trend edging higher. Ahead of the Fed meetings tomorrow, market participants remain on wait and see mode after digesting mixed US data releases.

USD/CAD Technical Levels

Price action reveals primary and secondary trends pointing down with a short-term trend printing higher lows after a visit to 1.0274 bottoms. The pair bounced off lows and hovers around the key 1.03 psychological zone. On the downside, supports are aligned at 1.0291 (August 16th lows), 1.0257 (July 30th lows) followed by 1.0224 (June 13th highs) and the upside marks resistances set at 1.0321 (August 19th lows), 1.0347 (August 20th lows) followed by 1.0377 (September 10th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis below the EMA20.

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