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USDCAD – More Downside to Come?
Amidst all the tumult in the dollar, the loonie has been a relative bastion of calm for the past few days moving only 50 pips either way. However, the deeper trend in the pair continues to be down as it keeps testing the key 1.3600 support.
With oil remaining anchored near the $49/bbl the loonie is well supported for now and tomorrow’s Canadian Retail Sales and CPI data could give it another boost if the numbers beat expectations. Both inflation and Retail Sales are expected to rebound from depressed levels a month ago which could push the loonie through the 1.3600 towards a test of 1.3550 support.