USD/CAD Pair Trades in a Range for the Fourth Consecutive Session

The  USD/CAD currency pair today traded in  a  consolidative range extending a  trend that has been going on  since the  start of  the  week. The  currency pair has been range bound despite the  commodity-linked loonie being relatively weak due to  the  massive drop in  global crude oil prices as  tracked by  the  West Texas Intermediate.
The  USD/CAD currency pair today traded between an  opening high of  1.3249 and  a  low of  1.3207 and  was within the  range at  the  time of  writing.
The  currency pair was in  a  downtrend during the  Asian session as  the  greenback pulled back across the  board due to  the  risk-on market sentiment. The  pair then rallied higher during the  European session as  the  greenback recovered before a  slew of  macro releases in  the  early American session. The  release of  the  Canada national employment report by  ADP Canada in  the  early American session served to  weaken the  loonie. According to  the  report, employment in  Canada decreased by  5,700 jobs in  October as  compared to  September, which was disappointing.
The  release of  the  US advance retail sales figures for  October by  the  Census Bureau also boosted the  pair as  the  print beat expectations by  0.3%. The  mixed US import and  export prices also boosted the  pair, while the  high unemployment claims figures released by  the  Department of  Labor limited the  pair’s gains.
The  currency pair’s future performance is likely to  be influenced by  global oil prices as well as tomorrow’s US industrial production, and  manufacturing production reports.
The  USD/CAD currency pair was trading at  1.3226 as  at  14:38 GMT having risen from a  low of  1.3207. The  CAD/JPY currency pair was trading at  85.57 having dropped from a  high of  85.92.

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