Canadian Dollar Gains as Retail Sales & Oil Prices Rise

The Canadian dollar advanced as prices for crude oil rallied and the report showed that the Canadian retail sales grew in October. The currency is under pressure as the positive sentiment disappeared from the Forex market.
The Canadian retail sales advanced 1.0 percent in October for the third consecutive month, following the September increase at the same rate. The forecast value was only 0.4 percent. The core sale advanced 0.7 percent. Crude oil gained 1.8 percent to $98.94 per barrel in New York. Crude is the key export of Canada.
The European Central Bank attempted to support the European economy by providing loans, but that measure failed to reassure investors in the stability of the eurozone. Therefore, it’s was surprising for the loonie to rise, but it’s not surprising that the currency retreated somewhat at the start of today’s trading session.
USD/CAD traded at 1.0270 as of 2:27 GMT today, following yesterday’s drop from 1.0297 to 1.0260. EUR/CAD traded at about 1.3395 after falling from 1.3469 to 1.3385. CAD/JPY traded near 75.97, following the advance from 75.59 to 76.01 on the previous trading session.

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