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Dollar falters but strength remains ahead of jam-packed week

The US dollar has taken a bit of a breather this week as it consolidates its recent gains ahead of major economic data and events in coming days. For around a month, the greenback has been on an exceptionally sharp incline as expectations for a Federal Reserve rate hike this year have progressively increased. A mid-December rate hike continues to be seen as the most likely scenario. But before that may or may not happen, there are plenty of data releases and events that could have a heavy impact on that scenario, and on the direction of the US dollar.

More solid US economic data may not be enough to save USD/CAD bulls

In a relatively quiet week for US economic data, the few economic reports that are scheduled for release are all backloaded toward the end of the week. This morning, US traders got their first looks at the Durable Goods Orders and Initial Jobless Claims reports.

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