The USD/CAD currency pair today traded in a consolidative range extending a trend that has been going on since the start of the week. The currency pair has been range bound despite the commodity-linked loonie being relatively weak due to the massive drop in global crude oil prices as tracked by the West Texas Intermediate.
The USD/CAD currency pair today traded between an opening high of 1.3249 and a low of 1.3207 and was within the range at the time of writing.
The currency pair was in a downtrend during the Asian session as the greenback pulled back across the board due to the risk-on market sentiment. The pair then rallied higher during the European session as the greenback recovered before a slew of macro releases in the early American session. The release of the Canada national employment report by ADP Canada in the early American session served to weaken the loonie. According to the report, employment in Canada decreased by 5,700 jobs in October as compared to September, which was disappointing.
The release of the US advance retail sales figures for October by the Census Bureau also boosted the pair as the print beat expectations by 0.3%. The mixed US import and export prices also boosted the pair, while the high unemployment claims figures released by the Department of Labor limited the pair’s gains.
The currency pair’s future performance is likely to be influenced by global oil prices as well as tomorrow’s US industrial production, and manufacturing production reports.
The USD/CAD currency pair was trading at 1.3226 as at 14:38 GMT having risen from a low of 1.3207. The CAD/JPY currency pair was trading at 85.57 having dropped from a high of 85.92.
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USD/CAD Pair Trades in a Range for the Fourth Consecutive Session
