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Lower Canadian Exports Help Boost U.S. Dollar
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The USD CAD continued to remain firm as traders now seem to be convinced the Bank of Canada will leave rates unchanged.
The poor performance in crude oil and gold markets is expected to continue to drive Canadian exports lower, making the Canadian Dollar weaker. It is going to take a highly volatile move in crude oil to make this market drop. The charts indicate a move to 1.0233 is likely. Strong support has been established at 1.0053.
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