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  • USD/CAD extends its daily slide in the early American session.
  • US Dollar Index stays below 90.50 after uninspiring Retail Sales data.
  • Manufacturing Sales in Canada increased sharply in March.

The USD/CAD pair came under renewed bearish pressure in the early trading hours of the American session and dropped to a daily low of 1.2098. As of writing, the pair was losing 0.5% on the day at 1.2100.

CAD capitalizes on upbeat Canadian data

The data from the US showed on Friday that Retail Sales in April stayed unchanged at $619.9 billion in April. This reading missed the market expectation for an increase of 1% and made it difficult for the greenback to gather strength against its rivals. At the moment, the US Dollar Index is down 0.3% at 90.45.

Additionally, Industrial Production in the US increased by 0.7% in April, falling short of analysts’ estimate of 1%.

On the other hand, Statistics Canada reported that Manufacturing Sales and Wholesale Sales in Canada rose by 3.5% and 2.8%, respectively, in March. Moreover, the barrel of West Texas Intermediate (WTI) is up more than 1% on the day at $64.50, helping the commodity-related loonie to continue to find demand.

Later in the session, the University of Michigan’s Consumer Sentiment Index will be the last data release of the week from the US.

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