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Canadian Dollar Trades Without Direction After Mixed Data

May 19, 2017 at 12:55 by Vladimir Vyun

Canadian coins on Canadian dollar billsThe Canadian dollar traded without clear trend during the current trading session, which made sense considering Canada’s macroeconomic data released today was mixed as well, giving the currency no reason to move in a particular direction.

Canadian retail sales rose 0.7% in March after falling 0.4% in February. That was a better reading than a 0.4% increase predicted by analysts. But the core components of the sales (those excluding volatile automobile sales) actually dropped 0.2% whereas experts predicted an increase by the same rate.

The Consumer Price Index rose 0.4% in April from March (without seasonal adjustments). While it was a better reading than the 0.2% growth in March, the figure missed the analysts’ projection of 0.5%.

Prices for crude oil, which the Canadian currency often follows, extended its rally today, rising more than 1%.

USD/CAD dropped from 1.3602 to 1.3576 as of 12:52 GMT today, touching the session low of 1.3553 — the lowest level since April 27. EUR/CAD rallied from 1.5099 to 1.5177. CAD/JPY was little changed from its opening level of 81.93.

If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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