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Canadian Dollar Among Weakest Currencies Despite Solid Data

August 16, 2018 at 18:20 by Vladimir Vyun

Some Canadian dollar billsThe Canadian dollar was among the weakest currencies today despite solid macroeconomic data and gains of crude oil, Canada’s major export commodity. The possible reason for that were resurfacing concerns about the Turkish situation.

Statistics Canada reported that manufacturing sales rose 1.1% in June after increasing 1.5% in July. The reading was in line with analysts’ forecasts of a 1.0% increase.

ADP employment showed growth by 11,600 jobs in July. Furthermore, the June figure got a very positive revision from -10,500 to 22,000.

Yet the robust data did not help the loonie, likely because risk aversion was returning to the market. According to Bloomberg, the United States were considering additional sanctions against Turkey if the Turkish government will not release the US pastor, who was imprisoned for alleged involvement in a failed attempt to overthrow Turkish President Recep Tayyip Erdogan.

USD/CAD rose from 1.3140 to 1.3165 as of 18:11 GMT today, bouncing from the daily low of 1.3114. EUR/CAD was up from 1.4908 to 1.4953, touching the high of 1.4987 intraday. CAD/JPY rallied from 84.22 to 84.55 intraday before backing off and trading near its opening level.

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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