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USD/CAD: Loonie better bid on oil rebound, Canada’s retail sales eyed

FXStreet (Mumbai) - The Canadian dollar recovered losses and trades higher versus its American rival during the European session, knocking-off USD/CAD to fresh session lows near the mid-point of the 1.32 handle.

USD/CAD rejected at 1.3295

Currently, the USD/CAD pair trades -0.10% lower at fresh session lows of 1.3256, moving further away from 1.33 barrier. The USD/CAD pair halted a four-day winning streak and fell into the negative territory as the resource-linked loonie received some respite from the oil price recovery backed by the latest API stockpiles report, which showed a bigger-than expected drop in the crude reserves.

However, further gains in the Canadian dollar remains capped as the greenback remains broadly higher amid improving appetite for riskier assets.

Looking ahead, the pair is likely to get influenced by the Canadian retail sales data due to be reported in an otherwise data-light NA session. Retail sales in Canada are estimated to climb 0.7% in July, following a strong advance of 0.6% in June.

USD/CAD Technical Levels

To the upside, the next resistance is located at 1.3295 (Today’s High) levels and above which it could extend gains to 1.3311 (Sept 11 High). To the downside, immediate support might be located at 1.3215 (Sept 22 Low) levels and below that at 1.3172 (Sept 21 Low).

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