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USD/CAD threatens 1.2400

FXStreet (Edinburgh) - The US dollar is now quickly resuming the downside vs. its Canadian peer, dragging USD/CAD to the boundaries of the critical support at 1.2400.

USD/CAD weaker on oil, USD weakness

A re-emergence of the offered tone around the greenback plus another recovery in the crude oil prices are plotting against any sustained bullish attempt of the pair, coming down from session tops in the 1.2580 area posted in early trade.

However, the pair will remain under pressure in light of the US and Canadian labour market releases on Friday: consensus expects the US Payrolls to come in at 234K in January, and the jobless rate unchanged at 5.6%, whereas Canadian employment would have increased by 4.5K, with the unemployment rate unmoved at 6.7%.

USD/CAD key levels

At the moment the pair is retreating 1.20% at 1.2413 and a breach of 1.2390 (low Feb.4) would open the door to 1.2353 (low Feb.3) ahead of 1.2314 (low Jan.22). On the flip side, the initial hurdle lines up at 1.2585 (high Feb.5) followed by 1.2591 (high Feb.4) and then 1.2600 (psychological handle).

EUR/USD rises toward 1.1500

EUR/USD printed a fresh daily high during the American session at 1.1497 and reached the strongest level in two days.
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AUD/USD turns bid and back onto 0.78 handle

AUD/USD is currently trading at 0.7815 at time of writing, with a high of 0.7826 and a low of 0.7732.
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