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by ForexNewsNow Team on July 22, 2010

USD/CAD slumps amid rising oil prices, risk demand

forex analysis global forex fx trader CADNEW YORK (Forex News Now) – The Canadian dollar surged against its U.S. counterpart on Thursday on rising oil prices, and as FX traders’ demand for risk heightened.

In U.S. afternoon currency trading, USD/CAD traded at 1.0371, down 1.14 percent on the day, after rising from a daily low of 86.34.

The loonie’s gains came despite a disappointing report on the Canadian retail sector, which showed that sales unexpectedly fell in May for the second consecutive month.

According to forex analysis, USD/CAD was likely to touch support around the low of July 15, 1.0277, and encounter immediate resistance around the daily high, 1.0503.

Thursday also saw the release of mixed U.S. data: A key report showed that existing home sales climbed more than expected in June, but separate data showed that initial claims for unemployment benefits rose faster than forecast last week.

Meanwhile, the loonie climbed slightly versus the euro: EUR/CAD traded at 1.3363, down 0.12 percent.

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