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USD/CAD testing lows near 1.0900

FXStreet (Edinburgh) - The greenback is now losing the grip vs. the CAD on Wednesday, pushing the USD/CAD to another visit of the 1.0900 neighbourhood.

USD/CAD surrendering gains

Spot is leaving behind initial gains to the area of 1.0930 following the grim figures from US retail sales during July. Headline sales came in flat inter-month and they expanded 0.1% excluding the Transportation sector, both prints missing forecasts. “Although support still holds in the low 1.09s, recent price action suggest limited upside from current levels and a larger risk that we could see a break of support and a push lower towards 1.0880, where funds should find a firmer basis”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD significant levels

As of writing the pair is losing 0.09% at 1.0916 and a breakdown of 1.0903 (low Ago.7) would open the door to 1.0898 (low Aug.5) and then 1.0859 (200-d MA). On the other hand, the initial hurdle lines up at 1.0985 (high Aug.8) followed by 1.0986 (high Aug.6) and finally 1.1007 (high May 2).

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