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Forex - USD/CAD off session lows in early trade

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Investing.com - The U.S. dollar pulled back from session lows against the Canadian dollar on Thursday, after data showed that Canadian retail sales rebounded in January after a steep fall the previous month.

USD/CAD pulled back from 1.0201, the pair's lowest since March 15, to hit 1.0239, still down 0.19%.

The pair was likely to find support at 1.0179 the low of March 15 and resistance at 1.0274, Wednesday's high.

Statistics Canada said retail sales rose by a seasonally adjusted 1% in January, in line with expectations, after tumbling by 2.3% in December.

Core retail sales, which exclude automobile sales, rose by a seasonally adjusted 0.5% in January, compared to expectations for a 0.4% increase.

In the U.S., the Department of Labor said the number of people who filed for unemployment assistance last week rose by 2,000 to a seasonally adjusted 336,000, compared to expectations for an increase of 8,000 to 342,000.

Market sentiment remained on the back foot as concerns over the deteriorating economic outlook for the euro zone and uncertainty over a bailout deal for Cyprus weighed.

The European Central Bank announced earlier that it will continue to supply emergency funding to Cyprus's banks until next Monday.

The ECB said that further funding would only be considered if an agreement with the European Union and the International Monetary Fund on a bailout is in place.

The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.40% to h1.3218.

The U.S. was to release data on existing home sales and manufacturing activity in Philadelphia later in the trading day.

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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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