The Canadian dollar rallied today with the help of rising prices for crude oil and the positive general market sentiment that was beneficial to commodity-linked currencies.
The traders’ mood was positive today as prospects for the Brexit were waning. This led to a rally of riskier currencies linked to commodities and economic growth. The Canadian dollar was one of such currencies, and it also got additional help for the rally of crude oil. The rise of oil prices was also a result of the improving market sentiment.
Domestic fundamentals were also supportive for the currency. Wholesale sales rose 0.1% in April. While the reading was a bit smaller than the analysts’ median forecast, it was far better than the March’s drop by 0.8%.
USD/CAD dropped from 1.2841 to 1.2798 as of 15:08 GMT today. EUR/CAD declined from 1.4552 to 1.4497. CAD/JPY opened at 81.43 after closing at 80.38 on Friday and is now trading at 81.61.
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