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Is the US Dollar Breaking Out?
The US dollar appreciated against most of the major currencies over the past week. The Canadian dollar was the strongest of the majors, benefiting from a better than expected May GDP (0.5%) and a June merchandise trade shortfall a quarter of what was expected (-$630 mln vs. C$2.3 bln median forecast in the Bloomberg survey). The Canadian dollar traded at its best level in nearly two months ahead of the weekend. The greenback finished a little below CAD1.30. The trendline drawn from the year's low in January through the April low comes in near CAD1.2935 at the start of the new week. A couple of retracement objectives ... (full story)