The Canadian dollar fell today after rallying intraday. That was surprising, considering that fundamentals looked extremely supportive for the currency.
Statistics Canada reported that wholesale sales climbed 1.1% in March from February, beating the average forecast of 0.8%. Price for crude oil, Canada’s major export, jumped above the $80 mark. Yet all those factors were unable to help the loonie to keep gains, and the currency fell below the opening level by now.
USD/CAD traded at about 1.2821 as of 19:52 GMT today after opening at 1.2784 and falling to the daily low of 1.2742. EUR/CAD opened at 1.5075, slid to the low of 1.5022, but managed to bounce to 1.5100 later.
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