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USD/CAD tumbled to fresh 3-week lows in the 1.2930 area following miserable prints from today’s US docket.
USD/CAD weaker as USD sinks further
The greenback is intensifying its decline today, retreating for the fifth consecutive session after US Retail Sales and Producer Prices have both missed expectations during last month: headline sales have come in flat while sales stripping the Autos sector has contracted 0.3%.
Adding to the downside, the barrel of West Texas Intermediate is now posting decent gains albeit it still remains below the $44.00 mark, all supporting bids for CAD.
Later in the session, the flash print of the Reuters/Michigan index is expected to improve to 91.5 for the current month.
USD/CAD significant levels
As of writing the pair is retreating 0.32% at 1.2952 and a break below 1.2927 (low Aug.12) would aim for 1.2896 (base of the 3-month rising channel) and finally 1.2857 (low Jul.15). On the upside, the initial hurdle aligns at 1.3089 (20-day sma) followed by 1.3202 (high Aug.5) and then 1.3253 (high Jul.27).
