Canadian Dollar Rallies Against US Peer, Falls on FOMC Minutes

The  Canadian dollar today rallied slightly against the  US dollar after the  release of  the  mixed Canadian inflation data for  July before losing its gains later. The  USD/CAD currency pair then recouped its losses as  the  greenback recovered and  rallied higher during the  American session.
The  USD/CAD currency pair today fell to  a  low of  1.3133 before recovering and  rallying to  a  high of  1.3187 and  was near these highs at  the  time of  writing.
The  currency pair fell earlier today as  the  loonie rallied against the  greenback despite North American crude oil prices as  tracked by  the  West Texas Intermediate falling to  a  low of  42.33. The  release of  the  Canadian consumer price index report for  July in  the  early American market had a  muted impact on  the  loonie. According to  Statistics Canada, the  country’s headline and  core inflation prints fell 0.1% in  July. The  annualised core CPI came in  at  0.7%. Canada’s wholesale sales rose 18.5% in  June boosting the  pair.
The  pair later headed higher as  the  greenback recovered as  tracked by  the  US Dollar Index, which hit a  high of  92.90 today. The  pair extended its gains after the  release of  the  US Federal Open Market Committee meeting minutes, which were slightly hawkish.
The  currency pair’s future performance is likely to  be affected by  crude oil price and  US dollar dynamics.
The USD/CAD currency pair was trading at 1.3208 as at 18:32 GMT, having rallied from a low of 1.3187. The CAD/JPY currency pair was trading at 80.21, having risen from a low of 79.88.
If you have any questions, comments, or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.