USD/CAD Canadian Dollar Lower After US Retail Sales Puts Multiple Fed Rate Cuts in Question

Jul 16 21:07 2019 Print This Article

The Canadian dollar was trading lower against the greenback on Tuesday after a surprise jump in retail sales data could give some breathing room to the Fed. The US central bank has been telegraphing an interest rate cut at the end of the month but improving fundamental indicators could make the overall move a tactical one, and not a deep as the market once believed.

Oil prices tumbled as Middle East tensions eased as the US and Iran appear to be ready to negotiate, although uncertainty remains on how willing both parties are to a compromise. Weather disruptions took a back seat as platforms affected by a tropical storm are on their way to getting back online offering no support for crude. US inventories on Wednesday will be a crucial data point for energy traders with the API printing another drawdown, but a lower one last week.

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