The Canadian dollar gained on its major rivals today, propelled by positive macroeconomic data and gains of crude oil prices.
Crude oil logged big gains, rallying more than 1% today. Crude advanced as US stockpiles decreased more than was expected, easing concerns about oversupply on the market.
Canada’s manufacturing sales gained 1.1% in May, rising for the third consecutive month. The actual increase was above the median forecast of 0.9%. The previous month’s increase got a substantial negative revision from 1.1% to 0.4%.
Any positive report add to prospects for monetary tightening from the Bank of Canada.
USD/CAD declined from 1.2626 to 1.2592 as of 20:04 GMT today, trading near the lowest since May 2016. EUR/CAD dropped from 1.4587 to 1.4501. CAD/CHF advanced from 0.7560 to 0.7587, bouncing from the daily low of 0.7539.
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