USD/CAD – sharp US retail sales weigh on Canadian dollar

Aug 15 17:08 2018 Print This Article

The Canadian dollar is down considerably in the Wednesday session, erasing the gains which marked Tuesday. Currently, USD/CAD is trading at 1.3144, up 0.67% on the day. On the release front, there are no Canadian events. In the U.S, retail sales were unexpectedly strong. Retail Sales jumped 0.6%, above the estimate of 0.3%. Core Retail Sales climbed 0.5%, crushing the forecast of 0.1%.

After an uneventful start to August, the Canadian dollar recorded strong losses last week and has continued to show volatility this week. The Canadian dollar remains under pressure, and USD/CAD touched a high of 1.3175 earlier on Wednesday, its highest level since July 16. Strong U.S data continues to boost the greenback, and this was the case on Wednesday, as US retail sales and manufacturing data beat expectations.

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