CAD Rallies vs. USD as Crude Oil Halts Decline

The Canadian dollar gained on its US peer today as crude oil prices steadied, helping the loonie to halt its decline. The Canadian currency did not fare as well against other major rivals, being flat against the Japanese yen and sinking versus the euro.
Prices for raw materials got support from the drop of the US dollar, helping commodity currencies. The Canadian dollar is one of such currencies. Prices for crude oil, the major Canada’s export, gained more than 0.3 percent today.
Released on Monday, report about Canada’s wholesale sales showed an unexpected drop by 1 percent in May, contributing to yesterday’s drop of the loonie. The only important economic report yet to be released from Canada this week will be data about retail sales. Analysts expect it show a positive reading.
USD/CAD declined from 1.2991 to 1.2956 as of 19:08 GMT today, touching the daily low of 1.2916. At the same time, EUR/CAD rallied from 1.4063 to 1.4171. CAD/JPY traded at 95.64 after rising from 95.54 to 96.02 intraday.

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