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USD/CAD rises to fresh highs above 1.3100 after trade data

FXStreet (Córdoba) - USD/CAD spiked to fresh daily highs above 1.3100 following the release of trade data from both US and Canada.

US and Canadian trade deficits expand more than expected

While US trade deficit widened more than expected to $48.33 billion in August, Canadian deficit doubled expectations reaching CAD 2.53 billion.

USD/CAD reacted positively to data and reached a fresh daily high of 1.3133 before easing slightly. At time of writing, the pair was trading at 1.3122, up 0.3% on the day. USD/CAD had bottomed out at an 18-day low of 1.3063 as the loonie was supported by oil prices recovery.

Looking ahead, US IBD/TIPP economic optimism index and Canadian Ivey PMI are next events on tap.

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