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Canadian dollar takes breather from rally
Posted 2 hours agoSharePrint
After starting the trading week with strong gains, the Canadian dollar has taken a pause on Tuesday session. Currently, USD/CAD is trading at 1.2407, up 0.09% on the day.
Earlier in the day, the Canadian dollar broke below the 1.24 line and is trading close to 6-week highs. The US dollar continues to struggle and unless US yields move higher, it could continue to be a bumpy road for the greenback.
Retail Sales could extend CAD rally
There were no Canadian releases on Monday, but that didn’t stop the Canadian dollar from posting strong gains. This reflected weakness in the US dollar rather than strength in the Canadian currency. On Wednesday, Canada releases Retail Sales for February, which should be treated as a market-mover (12:30 GMT). The consensus is for a sharp gain, which could boost the Canadian dollar. The headline reading is expected to come in at 4.0%, after a decline of -1.1% beforehand. Core Ret
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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.