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USD/CAD edges above resistance as 1.35 comes into view

Following on from an earlier update today, noting the push to test the 200 day moving average (1.3479) in the USD/CAD, the US dollar has now taken that level out too. The high seen so far has been set at 1.3494. Earlier it had lifted above a lower technical level, at 1.3453. The move higher in the US dollar comes ahead of some important Canadian inflation data due put this afternoon. The markets do not expect that CPI data to show a decline in December. The consensus is for the annualised rate to rise to 3.4%, from 3.1% in November. Well, you might be forgiven for thinking it was the opposite, if you look at the USD/CAD right now this morning, as it edges towards the 1.35 handle. Perhaps someone out there knows something the rest of us do not? That said, the monthly rate on its own is expected to show a fall of around 0.3% last month. The USD/CAD is currently trading at 1.3489

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