The USD/CAD pair faces selling pressure after a less-confident pullback move to near the round-level resistance of 1.3700 in the early New York sessio
USD/CAD refreshes day low as higher oil prices strengthen the Canadian Dollar. Canadian Retail Sales report indicates that automobile demand remained weak. The US Dollar turned soft due to neutral guidance from Fed Powell. n. The Loonie asset is expected to deliver a fresh downside below 1.3680 as the Canadian Dollar has strengthened due to upbeat oil prices.
In July, the Retail Sales grew by 0.4%. Retail Sales excluding automobiles expanded by 0.1% against expectations of a stagnant performance. The Retail Sales report indicates that automobile demand remained weak as households are facing the burden of higher borrowing costs. The US Dollar turned soft as Federal Reserve Chair Jerome Powell delivered neutral guidance on interest rates. Fed Powell conveyed that higher US Treasury yields have significantly tightened overall financial conditions.
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