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USD/CAD continues to drop back ahead of sales data due shortly
At 12.30pm GMT the latest Canadian retail sales data will be released. That is covering the month of July and it is expected to come in slightly higher, at around +0.4%, compared to a previous gain of just 0.1%. Ahead of this release, the USD/CAD has been falling back all day so far. The USD/CAD rose to as high as 1.3524 yesterday afternoon, but it could hold a close above 1.35, when ending the US session at 1.3483. The US dollar has fallen back to as low as 1.3426 just now this afternoon. That has been in part driven by gains for the CAD against all it peers, but most notably since yesterday the CAD/JPY seems to have been driving those. The USD/CAD is just now trading at 1.3428 and so a good sales number might be priced in already down here. We shall see
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