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USD/CAD – Two-month high ahead of Thursday’s US retail sales report
The US dollar reached a two-month high against its Canadian counterpart on Wednesday on the back of some stronger economic data. The inflation figures from the US propelled the greenback higher as traders were forced to scale back expectations for interest rate cuts from the Federal Reserve this year. Next up for the US are retail sales figures for January, due on Thursday, which will give the latest impression of how strong demand is in the world’s largest economy. The data since last summer has been particularly strong but it’s expected to have cooled in January. The fairytale scenario of a strong economy, ... (full story)