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by ForexNewsNow Team on July 21, 2010

USD/CAD pares losses on weak Canada data, oil prices

forex analysis global forex fx trader CADNEW YORK (Forex News Now) – The Canadian dollar slid against its U.S. counterpart on Wednesday, as oil prices dropped and following a disappointing report on Canadian wholesale sales.

In European midday currency trading, USD/CAD traded at 1.0427, down 0.07 percent on the day, after rising from a 3-day low of 1.0351.

According to forex analysis, USD/CAD was likely to touch support around the low of July 15, 1.0277, and encounter immediate resistance around Tuesday’s high, 1.0586.

The loonie’s losses also came after Wholesale sales in Canada unexpectedly fell for a second straight month in May, official data showed on Wednesday in one of the day’s spotlight FX news events.

Meanwhile, the Canadian dollar climbed versus the euro: EUR/CAD traded at 1.3353, down 0.64 percent.

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