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USD/CAD gained for the fifth out of the past six sessions

USD/CAD gained for the fifth out of the past six sessions

 

The USD/CAD gained for the fifth out of the past six sessions Wednesday, but couldn’t get past the 1.3200 level.  That level represents solid resistance and although crude was falling during the day, there was also broad based weakness from the U.S. dollar weighing on the pair. 

Thursday will see a boatload of U.S. data, so if we get both good data and falling crude we could see the USD/CAD break above the solid resistance at the 1.3200 level.  Otherwise the pair is likely to retrace some of the recent gains.

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