The Canadian dollar closed flat versus its US peer yesterday, erasing its previous gains. The currency was also flat against the euro, paring losses. The loonie gained against the Japanese yen that was the weakest against most-traded currencies.
Fundamentals were not particularly good in Canada. The Consumer Price Index rose 0.1 percent in March, slower growth than the February’s 0.7 percent. The annual growth of the CPI slowed from 1.2 percent to 1.0 percent last month. Wholesale sales stalled in February after rising 0.5 percent in January.
Crude oil gained, reducing the negative impact of unfavorable domestic fundamentals on the loonie. Crude advanced 0.28 percent to $88.01 per barrel in New York.
USD/CAD closed at 1.0261 yesterday after falling from 1.0262 to 1.0231. EUR/CAD closed at 1.3400 following the rally from 1.3394 to 1.3459. CAD/JPY went up from 95.62 to 96.32.
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