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Forex pairs in this Article » USD/CAD
FXstreet.com (San Francisco) - The Dollar has accelerated in the last hour against its Canadian counterpart and it has retreated all previous loses. The pair is currently trading at 0.9990, 0.23% gains so far today.

Initially, the USDCAD fell from 0.9980 in the European session to find support at 0.9945, where the pair bounced to breaks up previous highs, trades above 0.9980 Wednesday high and set fresh highs close to 0.9990. The pair now is focused in parity.

USDCAD accelerates higher again nearing parity, in a market lacking definitions today. "Oil under pressure weights on the pair, along with falling stocks," comments Valeria Bednarik from FXstreet.com. "Parity is reported to be a selling level, by central banks looking to diversify their reserves and the level won't be easy to take."

In the short term, bullish momentum can extend towards upcoming resistances at 1.0020 and 1.0060 while immediate supports are now at 0.9940 daily low, and the 0.9880 area.
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