The Canadian dollar today rallied against its US counterpart in the first half of today’s session driving the USD/CAD to its daily lows boosted by in-line inflation figures. However, the currency pair quickly reversed course after the Bank of Canada announced its rate decision, which was interpreted as being very dovish.
The Canadian dollar did not show a clear trend today, being under the influence of mixed fundamentals. Domestic employment data was surprisingly good but the drop of crude oil prices was weighing on the currency.
The Canadian dollar was among the weakest currencies today, dragged down by negative domestic housing data. Both housing starts and building permits fell unexpectedly. The falling prices for crude oil, Canada’s biggest export, were weighing on the currency as well.
The Japanese yen today traded in a tight range against the US dollar despite the greenback’s overall weakness against other major currencies. The USD/JPY traded sideways even as the Nikkei 225 equity index closed lower for the day despite the risk-on market sentiment.
The Canadian dollar fell during Friday’s trading session due to surprisingly poor retail sales data and falling crude oil prices. The currency trimmed losses later, though, and even managed to gain on some of its rivals.
The Canadian dollar climbed against its most-traded peers, emerging as the strongest major currency today. The combination of robust inflation and resilient prices for crude oil was the reason for the currency’s amazing performance.
The Japanese yen gained on commodity currencies but was trading flat against most major currencies, with the exception of the US dollar. Domestic macroeconomic data was decent, with the GDP figure getting a positive revision compared with the preliminary report.
The Canadian dollar today fell against its US peer following the release of disappointing jobs data, which missed expectations by a considerable margin. The loonie erased all of the gains made against the greenback earlier this week amid the highly anticipated Saudi Aramco IPO.
The Japanese yen was flat against most of its major rivals amid conflicting reports about the probability of reaching a phase-one trade deal between the United States and China before the new US tariffs, scheduled to take effect on December 15, will kick in. Domestic macroeconomic data was relatively good but slightly worse than expected.
The Canadian dollar fell against almost all most-traded currencies today, even the soft yen. The Swiss franc was the only exception, falling against all other major rivals. The Canadian currency spiked after the release of a GDP report but lost gains almost immediately.
