Loonie Unable to Maintain Rally Despite Supportive Fundamentals

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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