Free Trial

USD/CAD last trades flattish at.......>

DOLLAR-CANADA
DOLLAR-CANADA: USD/CAD last trades flattish at C$1.3438 after adding 29 pips
yesterday.
- After being range-bound in yesterday's Asia-Pac session, the rate eased off
through London hours. A slowdown in Canadian retail sales failed to limit the
loonie - on the contrary, stronger revisions and core reading boosted the
currency, sending USD/CAD to intraday lows of C$1.3358. Nonetheless, the pair
was lifted around the WMR fix by a retreat in WTI prices, as the latest DoE
report revealed that U.S. crude inventories continued to swell, reaching the
highest levels since July 2017. Trade war-inspired worries re: global demand did
not help WTI either.
- A breach of C$1.3470, where the rate peaked on May 16 & May 20, would bring
C$1.3500 into view. The initial layer of support is provided by the
psychological $1.3400 level, which happens to host the 50-DMA. Despite looking
below the figure several times this month, the rate has failed to close below
thus far.
- Canadian whole trade sales come out later today.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.