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Forex - USD/CAD pulls back from daily low as crude erases gains

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Forexpros - The U.S. dollar pulled back from a daily low against its Canadian counterpart on Tuesday, as crude oil, Canada's largest export, erased gains, while a report showed that Canadian retail sales broadly met market expectations in June.

USD/CAD pulled away from 0.9850, the daily low, to hit 0.9887 during early U.S. trade, still down 0.16% over the day.

The pair was likely to find support at 0.9825, Friday's low and resistance at 0.9937, the high of August 18.

Statistics Canada said retail sales rose 0.7% in June, after increasing by an upwardly revised 0.3% the previous month. Analysts had expected retail sales to rise by 0.6%.

Excluding automobile sales, retail sales declined 0.1% after rising by an upwardly revised 0.6% in May. Analysts had expected core retail sales to rise by 0.3% in June.

Meanwhile, on the New York Mercantile Exchange, crude oil for delivery in October fell 0.57% to hit USD83.95 a barrel, after peaking at USD86.05 earlier in the session.

Raw materials, including oil account for about half of Canada's export revenue.

Elsewhere, the loonie was down against the euro, with EUR/CAD rising 0.17% to hit 1.4250.

Later Tuesday, the U.S. was to release official data on new home sales.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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