USD/CAD goes up notwithstanding positive Canadian data

USD/CAD goes up notwithstanding positive Canadian data

On Friday, the greenback rallied versus its Canadian rival, notwithstanding the publication of positive data from Canada as well as overall caution as for the US currency because a steep dive in crude prices affected demand for Canada's commodity-related currency.

The currency pair USD/CAD rallied 0.17% being worth 1.2442.

Market sentiment on the US dollar was still fragile as on Thursday American lawmakers were unable to agree on a federal budget deal. It powered fears of a probable government shutdown already this weekend.

Another factor was that the yield on the American 10-year Treasury demonstrated its highest value since 2014.

In Canada, Friday’s data revealed that in November manufacturing sales tacked on 3.4%, surpassing hopes for a 2.0% leap. As for manufacturing sales, they lost 0.6% in October.

The Canadian dollar was still the downside right after on Wednesday the Bank of Canada lifted its overnight cash rate from 1% to 1.25%.  

Versus the common currency the Loonie slumped, with EUR/CAD adding 0.17% trading at 1.5225.

 

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