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Canadian retail sales in the spotlight for USD/CAD later today

Yesterday an update here noted; that all the while the USD/CAD remained below 1.3673 there was potential for more downside. Well, it did not remain below that level and once it was retrieved the US dollar rebounded back above 1.37. The USD/CAD rose a little more much earlier today, peaking at 1.3712, but since that Asian high it has been tracking lower again and edging back towards the 50 day moving average once more. Incidentally, that is still rising and in place this morning at 1.3676. The low seen so far today has been set at 1.3681. There is some Canadian sales data due out at 1.30pm GMT today. That is expected to show Canadian retail sales running flat in September. Anything significantly wide of that forecast will evoke a reaction in the USD/CAD. The Canadian currency will also be keeping a close eye on the oil price again today and that has pushed a little higher since earlier. That might account for the drop back in the USD/CAD so far this morning. It is just now trading at 1.3690
 

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