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USD/CAD dips to 1.2620 on data

FXStreet (Edinburgh) - The greenback remains on the defensive camp on Thursday, now dragging USD/CAD to session lows around 1.2620.

USD/CAD weaker post-US calendar

The pair is extending its descent after overnight peaks around 1.2770 against a backdrop of a softer dollar in the global markets. Spot gained further selling momentum after disappointing data from the US retail sales, dropping 0.6% MoM in February and 0.1% excluding the Autos sector.

In the Canadian docket, New Housing Price Index contracted 0.1% in February and gained 1.4% on a yearly basis.

USD/CAD key levels

At the moment the pair is retreating 0.79% at 1.2648 with the next support at 1.2617 (low Mar.11) ahead of 1.2598 (low Mar.10) and finally 1.2574 (low Mar.9). On the upside, a breakout of 1.2772 (high Feb.2) would open the door to 1.2800 (2015 high Jan.30) and then 1.2845 (high Mar.13 2009).

Jobless claims in the US decreased more than expected last week

The labor department data released today in the US showed the initial jobless claims in the last week fell by 36K to a three-week low of 289K. The previous figure was revised to 325K. The economists had called for 305K new applications.
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Gold wavers after mixed set of US data

Gold prices fell after the labor department data showed a more than expected decline in the initial jobless claims last week, while another report showed retail sales declined in February.
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