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Canadian Dollar Falls on Poor Macroeconomic Data, Market Sentiment

January 22, 2019 at 23:16 by Vladimir Vyun

All the Canadian dollar bills denominationsThe Canadian dollar fell against its most-traded peers today after the release of negative macroeconomic data and as the market sentiment soured on worsening global growth projections.

Statistics Canada reported that manufacturing sales fell 1.4% in November, demonstrating the second consecutive monthly drop. Analysts had predicted a smaller decline by 0.8%. The data was not entirely bad, though, as the main reason for the decline was the drop in sales of petroleum and coal products. Excluding those components, manufacturing sales actually edged up 0.2% in November.

Wholesale sales declined 1.0% in November, offsetting October’s increase of 0.7%. Economists had predicted a smaller decline by 0.3%.

Meanwhile, the market sentiment soured after the International Monetary Fund revised its growth forecast lower. The IMF predicted that the global economy will grow by 3.5% in 2019, down from 3.7% in the previous estimate.

USD/CAD climbed from 1.3294 to 1.3353 as of 23:04 GMT today. EUR/CAD advanced from 1.5109 to 1.5172. CAD/JPY dropped from 82.45 to 81.87.

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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