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USD/CAD outlook dims as US data deteriorates further
The US dollar selling stalled in the first half of Thursday’s session even though further evidence of an economic slowdown emerged, following Wednesday’s disappointing macro pointers. Today’s disappointing US macro pointers included jobless claims, industrial production, housing starts and building permits. It looks like traders were put off from selling the dollar further due to a sizeable jump in import prices, as this points to rising inflationary pressures. Nevertheless, the bearish trend for the USD persists and we could see the resumption of the downward pressure now that the major FX pairs have returned ... (full story)