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USD/CAD – Canadian dollar climbs to 5.5-mth high
USD/CAD has posted considerable losses on Wednesday. The pair is currently trading at 1.3245, down 0.55%. With no major events out of Canada, attention shifted to US indicators. ADP nonfarm payrolls posted a measly gain of 167 thousand, nowhere near the estimate of 1.20 million. This follows an impressive gain of 2.36 million in June. We’ll get a look at the official nonfarm payrolls on Friday, with a forecast of 1.55 million. If the actual reading follows the ADP release and falls well below this estimate, we could see some volatility from USD/CAD. There was better news from the US service sector, which improved ... (full story)