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USD/CAD establishing fresh session highs at 1.0322/28 after Canadian retail

FXstreet.com (Barcelona) - The USD/CAD rally has not lost steam during US trading Wednesday, after the pair broke higher to trade at fresh session highs at 1.0322/28, up +0.49% in these moments.

In Canada, Retail Sales (MoM) grew by 0.0%, missing expectations of +0.1% in March. In addition, Retail Sales ex Autos (MoM) reported a figure of -0.2% in March, vs. a projection calling for +0.2%.

“In looking at the USD/CAD, there is an important resistance at 1.0342, a break above which would be further positive, extending strength to 1.0447. Support is at 1.0217, which signifies a neutral outlook.” notes the UBS Research team.

Canada: Retail Sales came in flat in March

Canadian retail sales posted no variation during March, missing forecasts at 0.1%. Excluding the automobile sector, sales contracted 0.2% MoM vs. the median at 0.2% and February’s 0.7%...
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Session Recap: USD gains ahead of Bernanke, FOMC minutes

The US dollar was underpinned during the European session, accomplishing gains versus most competitors with the main exception of the euro. The Swiss franc weakened broadly in the wake of SNB Jordan comments who said that an adjustment of the EUR/CHF floor and negative interest rates were not excluded as means of defending the franc cap.
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