US Dollar built its bullish momentum overnight against the Canadian Dollar and rose beyond 1.3300 handle. The spot posts fresh two-week top in the previous hour near 1.3340 area.
IMF published its forecast for Chinese economic growth yesterday and the report revealed that Chinese economy faces the slowest economic growth since 1990. Meanwhile, global growth forecast has also seen downward revision. This resulted in boosting the Greenback's safe haven appeal.
Weakening global growth also impacted the crude oil prices that eventually weighed on Canadian Dollar.
Technical Levels to Watch
Sustaining above 1.3345 area will target for 1.3400 handle while on the flip side, immediate support lies at 1.3300 handle ahead of 1.3250 and then 1.3200 handle.
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