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17.07.2019: USD exhausts its rally? (USD, CAD)

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After a two-day rally, the US dollar is making a correctional decline. Let’s watch a video news on InstaForex TV channel to find out how and why the US currency is losing ground across the board.
The greenback came under pressure as investors are revising their portfolios. Yesterday, the US dollar index gained almost 0.5% in light of upbeat macroeconomic data from the US. Investors cheered a stronger-than-expected report on retail sales which rose 0.4% in June.
Meanwhile, sellers of the euro/dollar pair are losing influence in the market that enables the euro to remain above 1.1200.
On Wednesday, the euro found support from the eurozone’s inflation data for June which surpassed slightly flash estimates. On the other hand, statistics on the US housing construction did not encourage the US dollar.
In other words, the euro/dollar pair lacks strength to break resistance at 1.1280-1.1290 that invited sellers back to the market and pushed the pair down. The euro will hardly be able to assert strength as the ECB is planning to introduce new stimulus measures, including a rate cut and a revival of QE program. So, the regulator is likely to update its forward guidance soon.
Another factor behind the euro’s weakness is appointment of Christine Lagarde as the ECB President.
The US dollar is easing versus the Canadian dollar which climbed nearly 25 pips following an inflation report from Canada. Its annual inflation rate fell to 2.0% in June. However, investors took little notice of this data as the actual inflation rate coincided with the forecast.
Nevertheless, the USD/CAD pair is unlikely to develop a rally amid sliding yields of US Treasuries and notable recovery of oil prices.
In this context, it would make sense to wait for steady growth of the pair. We should make sure that the pair heads for the strong resistance area of 1.3145-1.3150.
That’s all for today. We wish you profitable deals. See you tomorrow on InstaForex TV channel!

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