The Canadian dollar surged more than a cent versus the US dollar Tuesday, as markets set themselves before the Bank of Canada’s interest rate resolution, and as its counterpart declined after lower than expected increase in US retail sales.
US figures showed retail sales surged 0.9% last month, the biggest gain in a year.
We failed to get that 1%, so we noticed numerous speculative positions “bail out of their long US dollar positions,” said Scott Smith, Senior Market Analyst at Cambridge Mercantile Group.
The loonie closed at C$1.2490 per greenback or 80.06 US cents, from Monday’s C$1.2592 or 79.42 US cents.
Higher oil prices bolstered the loonie, too. US crude prices climbed 3.20% to $53.57 a barrel, while Brent crude rose 1.74% to $58.94 a barrel.
The material has been provided by InstaForex Company – www.instaforex.com
The Canadian dollar surged more than a cent versus the US dollar Tuesday, as markets set themselves before the Bank of Canada’s interest rate resolution, and as its counterpart declined after lower than expected increase in US retail sales.
US figures showed retail sales surged 0.9% last month, the biggest gain in a year.
We failed to get that 1%, so we noticed numerous speculative positions “bail out of their long US dollar positions,” said Scott Smith, Senior Market Analyst at Cambridge Mercantile Group.
The loonie closed at C$1.2490 per greenback or 80.06 US cents, from Monday’s C$1.2592 or 79.42 US cents.
Higher oil prices bolstered the loonie, too. US crude prices climbed 3.20% to $53.57 a barrel, while Brent crude rose 1.74% to $58.94 a barrel.
The material has been provided by InstaForex Company – www.instaforex.com
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