On Wednesday, the weakness in the Canadian dollar towards the US greenback continues on the again of weak financial information releases from Cana
On Wednesday, the weakness in the Canadian dollar towards the US greenback continues on the again of weak financial information releases from Canada and rising uncertainties about Brexit and the section one commerce deal. On the time of writing, USD/CAD is buying and selling at round 1.316.
On Monday, the Canadian greenback had soared to seven-week highs towards the USD, however has weakened since then on the again of optimistic financial information releases from the US which have propelled the dollar to the best stage in every week. Furthermore, weak financial information from Canada additionally weighed on the CAD, with factory sales declining by 0.7% MoM in October.
Later at present, the Canadian inflation report is because of launch, which might additionally influence the BOC’s determination on rates of interest. Beforehand, the BOC had indicated that it’s going to intently comply with updates on the commerce tensions, particularly the US-China commerce battle, whereas deciding on its rates of interest.
Nevertheless, the Canadian greenback remained supported over sturdy crude oil costs following optimism within the markets concerning the US and China finalizing the section one deal shortly as introduced late final week. Over the previous few days, WTI crude oil has managed to remain above the $60 stage, supporting the CAD.