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by ForexNewsNow Team on August 17, 2010

Loonie climbs against greenback as oil prices rebound

NEW YORK (Forex News Now) – The Canadian dollar rose against its U.S. counterpart on Tuesday, erasing Monday’s losses, as oil prices rebounded and ahead of data on the U.S. housing market and manufacturing sector.

In European morning currency trading, USD/CAD struck 1.0397, down 0.36 percent on the day, after retreating from Monday’s high of 1.0465.

The loonie’s gains also as FX traders awaited reports on foreign purchases of Canadian securities in June and manufacturing sales in Canada during the same month.

According to forex analysis, USD/CAD was likely to touch immediate support around Monday’s Friday’s low, 1.035, and encounter resistance around the high of Aug. 12, 1.0494.

The Census Bureau, meanwhile, was due to publish a closely watched monthly report on U.S. building permits, and the Labor Department was scheduled to release data on producer price inflation.

Elsewhere, the loonie rose versus the yen: CAD/JPY traded at 81.98, up 0.27 percent.

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