The USD/CAD pair finds interim support near 1.3430 after Statistics Canada reported mixed Retail Sales report for July. Consumer spending expanded at
USD/CAD discovers buying interest near 1.3430 after Canada’s Retail Sales excluding automobiles remained stronger.
The US Dollar struggles to find a direction as investors remain mixed about the Fed’s interest rate peak.pair finds interim support near 1.3430 after Statistics Canada reported mixed Retail Sales report for July. Consumer spending expanded at a slower pace of 0.3% vs. expectations of 0.4%. In June, Retail Sales expanded nominally by 0.1%.
The Canadian Dollar remains strong as the oil price is preparing for a fresh upside above the immediate resistance of $91.00. More upside in the oil price is anticipated due to deepening supply concerns and expectations of an end to the global rate-hike cycle. It is worth noting that Canada is the leading exporter of oil to the United States and higher oil prices support the Canadian Dollar. expanded at a higher pace of 0.4% vs. expectations of 0.2% due to rising energy prices.
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