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USD/CAD hovering over 1.0300 ahead of retail sales

FXstreet.com (Barcelona) - GMT
USD/CAD hovering over 1.0300 ahead of retail sales

The bearishness surrounding the Canadian dollar is getting more evidenced on Wednesday, lifting the pair to session highs around the 1.0300 handle.

Retail Sales in the Canadian economy are expected to expand 0.1% on a monthly basis in March. Sales stripping the auto sector are estimated at 0.2%. Both forecasts represent a decline from February’s advances at 0.8% and 0.7%, respectively. “ A push to new highs would add to the positive short-term momentum we think… A weekly close above 1.0310 would be constructive for USD/CAD from a longer-term point of view”, suggested G.Moore and S.Osborne, FX Strategists at TD Securities.

At the moment the pair is up 0.37% at 1.0304 and a surpass of 1.0321 (high May 21) would open the door to 1.0343 (2013 high Mar.1) and finally 1.0363 (high Jun.28 2012).
On the flip side, support levels align at 10237 (low May 21) followed by 1.0217 (low May 20) and then 1.0189 (MA10d).

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