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“The CAD is finding it hard to resist the broader push higher in the USD this morning even with the risk backdrop of stocks and commodities not especially negative. counterpart on Wednesday as investors remain cautious ahead of the Federal Reserve’s policy announcement on Wednesday, where it is widely expected to signal an earlier end to its asset purchases weak crude oil prices also weighed on the commodity currency. US Retail Sales (forecast 0.0% m/m in December) and Michigan Consumer Confidence (forecast 70 vs previous 70.The Canadian dollar weakened against its U.S. Gains from better than expected UK data including November GDP (actual 0.9% m/m vs forecast 0.4% m/m), Industrial production (actual 1.0% m/m vs forecast 0.2%) and Manufacturing Production rising 1.1% have faded into the USD data dump.
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GBPUSD is at the bottom of its overnight 1.3707-1.3742 range.
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However, traders are more focused on what today's US Retail Sales data will mean for equities and interest rates. The Euro area reported a surprise trade deficit which may have weighed on sentiment. EURUSD retreated from an overnight peak of 1.1482 to 1.1443 in early NY. the monthly data was mixed but the year over year trade surplus of $676.0 billion is a record. Imports rose 19.5% y/y, (previous 31.7%), while Exports rose 20.9% y/y (previous 22% y/y). China's trade surplus ballooned to $94.46 billion in December, compared to November's $71.72 result. It has only dropped 0.30% thanks to robust UK data, compared to a 1.0% fall in Germany's DAX index. European equities are in the red, with the UK FTSE 100 index outperforming. Chinese and Australian indexes dropped as well. Japan's Nikkei 225 lost 1.26% with the move exacerbated by reports the Bank of Japan was discussing raising interest rates. Global equity markets fell in tandem with Wall Street's negative close. West Texas Intermediate climbed to $83.26/barrel overnight, underpinned by forecasts for rising demand and prices, as well as lower US crude inventories. Canadian dollar losses are slightly insulated by firm oil prices. USDCAD dropped to 1.2472 in early European trading than bounced to 1.2516 in NY. A bit of weaker than expected US data and fresh selling pressures on Wall Street turned the Canadian dollar rally into a rout.
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The Canadian dollar rallied along with the other commodity currencies yesterday when traders appeared to be unconcerned about the prospect of higher USD interest rates. US Retail Sales and Michigan Consumer Sentiment ahead - Equity traders are spooked, Wall Street poised to open in negative territory - US dollar opens firm on safe-haven demand USDCAD Snapshot: Open 1.2480-84, Overnight Range-1.2468-1.2508, previous close 1.2508, WTI open $83.07, Gold open $1823.58 The Canadian dollar failed to decisively break major resistance yesterday, and it is trading defensively in NY. Learn how KnightsbridgeFX can help you save up to 2% when buying or selling US dollars compared to your Canadian bank's rates – click here to compare bank rates USD/CAD - Canadian Dollar Awaiting US Data