21 December 2018, 18:10  USD/CAD pair is at fresh 19-month high

The initial market reaction to the macroeconomic releases from the U.S. and Canada lifted the USD/CAD pair to a fresh 19-month high at 1.3563 but the pair quickly returned to its comfort zone. As of writing, the pair was trading at 1.3530, adding 0.15% on a daily basis. The data published by Statistics Canada showed that the GDP expanded by 0.3% on a monthly basis in October following September's 0.1% contraction. A separate report revealed that the retail sales increased by 0.3% in the same period to come in slightly better than the analysts' estimate for a 0.2% growth. On the other hand, according to the third estimate of the U.S. Bureau of Economic Analysis, the real GDP in the U.S. increased by 3.4% on an annual basis in the third quarter to miss the market expectation of 3.5%. Additionally, durable good orders rose 0.8% in November after declining 4.3% in October. Following the data, the US Dollar Index didn't have a difficult time holding on to its daily recovery gains and was last seen up 0.2% on the day at 96.60. Meanwhile, another sharp fall seen in crude oil prices weighed on the commodity-sensitive loonie throughout the day. Although the barrel of West Texas Intermediate staged a modest rebound after touching its lowest level of the year at $45.10, it's still down 1% on the day at $45.75.

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