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Forex News - USD/CAD Climbs after Downbeat Canadian Data - 21 Oct 2017 15:02

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Forex - USD/CAD Climbs after Downbeat Canadian Data

The U.S. dollar climbed the length of its Canadian counterpart on the subject of Friday, as the general pardon of downbeat Canadian data dented demand for the local currency, even though hopes for an upcoming U.S. tax overhaul boosted the greenback.
USD/CAD was up 0.82% at 1.2587 by 09:30 a.m. ET (13:30 GMT).
Statistics Canada reported re Friday that the consumer price index increased 0.2% in September, missing forecasts for a 0.3% profit. Year-regarding-year, consumer prices objector 1.6% last month, in origin along in the company of expectations.
A surgically remove footnote showed that Canadian retail sales decreased by 0.3% last month, compared to forecasts for a 0.5% profit.
Core retail sales, which exclude automobiles, slumped 0.7% in September, confounding expectations for an merge of 0.3%.
The greenback remained supported after the U.S. Senate late Thursday attributed a budget blueprint for the 2018 fiscal year that will pave the way for Republicans to pursue tax-clip plans without Democratic maintain.
The Republican-controlled Senate voted for the budget undertaking by 51 to 49, which would influence before happening to $1.5 trillion to the federal deficit on summit of the bordering ten years in order to have enough portion proposed tax cuts.
Meanwhile, speculation more than who will replace Janet Yellen as head of the Fed persisted.
Reports that U.S. President Donald Trump was on a slope toward Fed Governor Jerome Powell, who is perceived as a less hawkish candidate, had temporarily weighed regarding the dollar.
Trump concluded interviews around Thursday following the five candidates, including Janet Yellen, he is subsequent to to seat the Fed. He could warn a decision as in front as bordering-door week.
The loonie was furthermore subjugate nearby the euro, in the middle of EUR/CAD gaining 0.34% to 1.4847.

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