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USD/CAD drops to weekly lows after US, Canada trade data

FXStreet (Córdoba) - USD/CAD fell sharply and broke below the 1.2100 level at the beginning of the New York session following the release of Canada and US trade data.

The US trade deficit widened more than anticipated to 51.37 billion in March, recording the highest deficit since 1996 while Canada's deficit also expanded to 3.02 billion in March from 2.2 billion the previous month.

USD/CAD initially moved higher to 1.2118 but then fell to a fresh weekly low of 1.2045 as broad USD weakness on the back of US trade data offset a disappointing domestic report. At time of writing, the pair is trading at the 1.2060 area, recording a 0.27% loss on the day.

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