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US dollar slid to session lows against its Canadian counterpart on Monday, as investors took profits, following dollars recent rally.

USD/CAD pair fell to a session low at 1.0546 at 12:39 GMT, after which consolidation followed at 1.0559. The cross erased 0.10% for the day. Support was expected at July 5th low, 1.0510, while resistance was to be encountered at July 5th high and a 21-month high, 1.0607.

US dollar remained strong, following the report by the Department of Labor in the United States, which stated economy added 195 000 job positions in June, more than the expected increase by 165 000. At the same time, Unemployment rate remained unchanged at 7.6% in the month of June in comparison with May. These figures gave strength to expectations of a near-term bond purchase tapering by the Federal Reserve Bank.

On the other hand, Canadian dollar received some support after earlier on Monday an official report stated, that building permits in Canada rose for the fifth month in a row in May, the longest period of increase for the last 10 years. Total value of building permits increased by 4.5% to 7.32 billion CAD in May, after the revised up value in April, which rose by 11.2%. Experts had projected a 5.0% drop. Mays result was supported by permits, regarding single-family houses and apartments as well as non-residential buildings.

Elsewhere, Canadian dollar remained almost unchanged against the euro, as EUR/CAD pair ticked up by 0.03% to reach 1.3574.

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