USD/CAD (current price: 1.3345)
The Canadian Dollar was hit hard by the release of the bearish Retail Sales and CPI reports on Friday, which added to the negative effects of the previous dovish Bank of Canada statement. Core Retail Sales were unchanged in September while the CPI was only up by 0.1%, and both crucial indicators missed expectations, pointing to a soft economy, while the slide in the price of oil in late trading also pushed the pair higher towards its multi-month highs.
Our assessment: The pair is now trading right at the top of the long-term range near 1.3350 after Friday’s losses, with all eyes on the price of oil, as the November OPEC meeting is getting closer.
