USD/CAD bottomed at 1.2920, the lowest level in six months but then bounced to the upside, rising back above 1.3000 amid a decline in crude oil prices.
CAD up with data, down with oil
USD/CAD extended the weekly decline earlier after the release of retail sales and inflation data from Canada. Retail sales showed better-than-expected numbers while inflation was slightly below expectations. The loonie rose across the board but the rally was short-lived.
Crude oil prices reversed and dropped from $41.20 (WTI) below $40.00, taking bearish momentum out of the USD/CAD pair.
Recently reached 1.3004 and is now hovering around 1.3000, slightly above yesterday’s closing price but more than 200 pips under the level it had a week ago.
The pair is about to post the ninth weekly decline in a row as it continues to move away from multi-year highs amid an improvement in global markets and a decline in the US dollar.
(Market News Provided by FXstreet)