Canadian dollar steady on solid Mfg. PMI
Posted 4 hours agoSharePrint
The Canadian dollar has started the week with slight gains. In the North American session, USD/CAD is trading at 1.2271, down 0.16% on the day.
The week started in fine form, as Canada’s manufacturing PMI for April pointed to robust growth, with a reading of 57.2. Although this was down a bit from the March read of 58.5, the index remained well into expansionary territory.
Canadian dollar enjoys banner week
It was an outstanding week for the Canadian dollar, which posted gains of 1.47%. This marked its best weekly performance since November.
The loonie was lifted by an excellent retail sales report in March, as the headline and core readings both posted gains of 4.8%. Both of these readings come after the year started on a sour note, with declines in January and February.
Canadian dollar hits 4-week high
February 19, 2021SharePrint
The Canadian dollar has posted slight gains on Friday. Currently, USD/CAD is trading at 1.2646, down 0.24% on the day.
Canadian dollar closes in on 1.26 line
The Canadian dollar has been creeping higher since mid-week. Earlier in the day, USD/CAD dropped to a low of 1.2609, its lowest level in four weeks. The US dollar eased overnight, and the dollar index has dropped on Friday 0.38%, to 90.24. There is support at 90.00, and a daily close below this level would signal a downtrend for the US currency.
Investors brace for soft retail sales
Canada releases retail sales reports for December later in the day (13:30 GMT). The release follows US retail sales earlier this week, but the numbers are expected to be much worse. US retail sales sizzled in January, with a gain of 5.3%, good enough for a seven-month high. The street consensus call for declines of -2.5% for headline retail sales and -2.4% for core retail sales, res
Canada ADP jobs report plunges
February 18, 2021SharePrint
The Canadian dollar is down slightly in the Thursday session. Currently, USD/CAD is trading at 1.2703, up 0.02% on the day.
Loonie yawns as ADP nonfarm payrolls slides
Canada’s ADP nonfarm payrolls report has managed just one gain over the past five months, pointing to weakness in the labor market. After a small decline in December of -28.8 thousand, January was a disaster, with the economy shedding some 231.2 thousand jobs. The ADP report comes after the official Stats Canada release two weeks ago (Employment Change), which came in at -212.8 thousand, its worst reading since April 2020, when the economy was largely shut down due to Covid-19. These releases point to significant weakness in Canada’s labor market. Still, investors did not pay all that much attention to the ADP report, perhaps expecting a sharp decline after the official release. The response of the Canadian dollar has been muted on Thursday.