The USD/CAD pair rallied sharply on Wednesday amid decline in crude oil prices. However, the pair stalled its upside around 100-day moving average and slightly retreated from the level.
The very recent retreat in the pair is attributed to the surge in crude oil prices from $53.00 mark. On the other hand, upbeat Canadian building permit data also prompted fresh bids in the Canadian Dollar.
However, further downside could be capped by the weaker tone in crude oil and follow through buying in US Dollar.
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