CAD-Crosses Demonstrate Mixed Performance

Today’s economic data from Canada was mixed, resulting in varying performance of different CAD-crosses. The currency gained on the US dollar and the Japanese yen but dropped against the euro.

Canada’s retail sales were dismal, falling 1.7 percent in January in the second monthly decrease. On the other hand, the Consumer Price Index rose 0.2 percent in February after three consecutive monthly declines.

Outside of Canada, fundamentals were supportive for the nation’s currency as crude oil rallied. The commodity was falling earlier but bounced on the back of the weakening US currency.

The loonie’s performance was very similar to the performance of its peers — gains against safer currencies and losses versus the euro.

USD/CAD dropped from 1.2712 to 1.2586 (1 percent) as of 19:19 GMT today, reaching the low of 1.2545 intraday. EUR/CAD advanced from 1.3543 to 1.3580, and its daily high was at 1.3676. CAD/JPY rallied from 94.99 to 95.46, touching the high of 95.85 earlier.

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