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USD/CAD edging down

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By the end of the trading day on Friday, the US dollar was declining against is major rivals, against the Canadian dollar in particular. The loonie was supported by rising crude prices and GDP data from Canada. On Friday, the greenback-loonie pair hit the daily high at 1.3180 and later dropped to 1.3112 levels. Traders started purchasing the Canadian dollar on the back of advancing crude prices and risk aversion. Upbeat GDP data from Canada also boosted the national currency. The official data showed that the country’s economy expanded in July but at a slower pace than in the preceding month. Statistics Canada reported that gross domestic product grew by 0.5 percent after a rise of 0.6 percent in June. The reading encouraged traders as analysts had projected a mere gain of 0.3 percent. Economists link economic expansion to increases in the mining and quarrying sector as well as oil and gas production. Today currency strategists expect the greenback-loonie pair to rise ahead of the US PMI report prepared by the Institute for Supply Management. https://www.instaforex.com
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