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Canadian sales better than forecast but USD/CAD holds rebound
Ahead of the December Canadian sales data, the USD/CAD had been on the rebound and that had seen the US dollar push close to the 1.35 handle once more. The rebound was clearly delivered by further gains in the US treasury yields. So, Canadian sales rose by 0.9% in December, which was just above the consensus forecast for a 0.8% rise. So, whilst better than expected, it has not sent the USD/CAD much lower. In fact the USD/CAD is just now testing that 1.35 handle once more, currently trading at 1.3501
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