Canadian dollar shrugs off soft retail sales, hits session high

USD/CAD nears the January low

USD/CAD nears the January low

USD/CAD is flirting with 1.2600 and the January low of 1.2589.

Oil is down $1.02 to $59.49 today and that’s why the loonie is trailing its cousins in Australia and New Zealand.

The retail sales didn’t have as much effect. They were much softer than anticipated and the January advance number pointed to another plunge but this is a market that’s only focused on the post-vaccine economy so weak current numbers are brushed aside.

Looking at the USD/CAD chart, there isn’t much separating it from 1.20-1.22.

The bigger question to ponder right now is what happens to commodities if the dollar continues to slide and demand continues to grow?

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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