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Canadian Dollar Propelled by Economic Data & Oil Prices

July 19, 2017 at 20:08 by Vladimir Vyun

All the Canadian dollar bills denominationsThe Canadian dollar gained on its major rivals today, propelled by positive macroeconomic data and gains of crude oil prices.

Crude oil logged big gains, rallying more than 1% today. Crude advanced as US stockpiles decreased more than was expected, easing concerns about oversupply on the market.

Canada’s manufacturing sales gained 1.1% in May, rising for the third consecutive month. The actual increase was above the median forecast of 0.9%. The previous month’s increase got a substantial negative revision from 1.1% to 0.4%.

Any positive report add to prospects for monetary tightening from the Bank of Canada.

USD/CAD declined from 1.2626 to 1.2592 as of 20:04 GMT today, trading near the lowest since May 2016. EUR/CAD dropped from 1.4587 to 1.4501. CAD/CHF advanced from 0.7560 to 0.7587, bouncing from the daily low of 0.7539.

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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