The Canadian dollar went higher today with the help of better-than-expected macroeconomic data from Canada as well as due to the rally of crude oil prices. It was the second consecutive daily gain against the US dollar and the euro.
Canada’s manufacturing sales grew 1.7 percent in December after falling 1.3 percent in November. The increase was more than two times bigger than the 0.8 percent growth predicted by analysts. The Brent grade of crude oil gained more than 2 percent in London today while the West Texas Intermediate grade rose above the $50 per barrel level in New York.
The Canadian dollar often follows movement of oil prices and the current trading session was not an exception. As for Canada’s economic indicators, they were rather positive lately, giving hope for traders that are bullish on the Canadian currency.
USD/CAD dropped from 1.2507 to 1.2459 as of 18:05 GMT today. EUR/CAD went down from 1.4255 to 1.4209. CAD/JPY ticked up from 95.16 to 95.27 after falling to 94.69 earlier.
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