The Canadian dollar traded lower against its most-liquid counterparts, including the US dollar and the euro (but not including the Japanese yen) due to the worse-than-expected macroeconomic data released from Canada today.
Canada’s Consumer Price Index rose 0.3% in April from the month before (not seasonally adjusted) while analysts were counting on an increase by at least 0.4%. Retail sales dropped 1% in March, also showing a worse performance than had been forecast. Prices for crude oil fell during the current trading session, adding to the woes of the loonie.
The Canadian currency was able to stand ground against the weak yen but lost its footing against other majors. Now, traders wait for a monetary policy announcement from the Bank of Canada after the meeting scheduled on Wednesday.
USD/CAD gained from 1.3093 to 1.3123 as of 15:56 GMT today, rising for the fourth day in a row. EUR/CAD rose from 1.4667 to 1.4709. A the same time, CAD/JPY was up from 83.95 to 84.18.
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