Canadian Dollar Mixed amid Opposing Fundamentals

The Canadian dollar was mixed today, unsure where to go amid opposing fundamentals. While domestic macroeconomic data was very detrimental to Canada’s currency, rising prices for crude oil was a supportive factor for the loonie.
Statistics Canada reported that retail sales fell 0.1% in May, declining for the first time in four months. Core retail sales (those that exclude motor vehicle and parts dealers) dropped 0.3%. Analysts had predicted an increase of 0.3% for both indicators.
Meanwhile, prices for North American crude oil rallied more than 1%, while international benchmark Brent crude jumped about 2%. Geopolitical tensions in the Middle East were driving the commodity up. That was positive for the Canadian dollar as oil is a major source of export revenue for Canada.
USD/CAD rose from 1.3027 to 1.3057 today, touching the session maximum of 1.3110 intraday. EUR/CAD declined from 1.4687 to 1.4647. CAD/JPY edged up from 82.35 to 82.46. CAD/CHF dropped from 0.7533 to 0.7515.

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