The Canadian dollar retreated today following yesterday’s gains as poor macroeconomic data from the United States and China drove commodity prices lower. The rally on the previous trading session was caused by good domestic fundamentals.
The eurozone confirmed that its economy is struggling and this continues to hurt global growth. China is less helpful to the world economy as its growth is also cooling. Such situation is not welcomed by commodity-related currencies, including the Canadian one.
Fundamentals in Canada itself looked better. Retail sales grew 0.8 percent in February. This is compared to the consensus forecast of 0.3 percent.
USD/CAD went up from 1.0254 to 1.0264 as of 4:02 GMT today. EUR/CAD rose from 1.3329 to 1.3342 and CAD/JPY slipped from 96.96 to 96.81.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.
Be First to Comment