The Canadian dollar today rallied against its American counterpart following the release of upbeat Canadian retail sales data for June, but the rally was short-lived. The USD/CAD currency pair today extended its gains from yesterday as the US dollar proved to be much stronger against the loonie driven by several factors including the less-dovish Fed minutes.
The Canadian dollar today rallied against the US dollar driven by higher global crude oil prices as American oil stockpiles fell and tensions with Iran skyrocketed. The USD/CAD currency pair extended its losses as the loonie rallied higher following the release of upbeat Canadian inflation data in the early American session.
The Canadian dollar managed to rebound versus the US dollar but was soft against other majors today. Domestic macroeconomic data was not especially bad and crude oil attempted to rally but that apparently was not enough to support the loonie.
The US dollar is strengthening against other most-traded currencies midweek, possibly befuddling some passive investors after noticing a lot of recession talk trending across the online world. As the financial markets drown in an ocean of red ink and the primary measurement of the yield curve temporarily inverted, there is a fear that the US economy is on the cusp of slipping into a downturn.
The Canadian dollar is sliding against several major currency rivals to finish out the trading week. The loonie’s descent was driven by a mostly disappointing labor report that saw the economy experience its weakest three-month period of job creation in more than a year. Housing numbers were also down, though many of them were better than what the market had anticipated.
The Canadian dollar is weakening against a basket of currencies midweek as the price of US crude oil cratered as much as 5%. With oil officially sliding into a bear market, the loonie is paring a portion of its year-to-date gains. As economic data continues to be mixed, it might be a difficult second half for the currency.
The US dollar is gaining on several major currency rivals in public trading on Thursday. But the US Dollar Index is heading in the opposite direction, falling below 98.5. The Federal Reserve’s cut to interest rates, President Donald Trump’s new tariffs on China, and economic data are driving the greenback’s trade.
The Canadian dollar also referred to as the ‘loonie’ today rallied higher against the US dollar as oil prices soared during the Asian session. However, the loonie’s gains were short-lived as oil prices quickly fell during the European session reversing the USD/CAD currency pair’s losses and launching a sustained rally.
The Canadian dollar was mixed today, unsure where to go amid opposing fundamentals. While domestic macroeconomic data was very detrimental to Canada’s currency, rising prices for crude oil was a supportive factor for the loonie.
The US dollar is finishing the trading week higher against a handful of currencies as the market appears to be moving on from recent comments pertaining to the greenback’s valuation. With a Federal Reserve bank president discussing the need for action ahead of a crisis and some data to throw in the mix, it has been a fun ride for the dollar this week.
