- The USD/CAD extends its loss streak of five days, falling almost 1.30% this week
- Canadian retail sales increase 0.8% in March, excluding cars, reach -0.7%.
- The US dollar sinks to a minimum of two weeks amid fiscal concerns and stagnant trade negotiations.
The Canadian dollar (CAD) is further strengthened against the US dollar (USD) on Friday, marking a five -day recovery. The USD/CAD has fallen almost 1.30% this week, with the torque sliding below the 1,3800 psychological brand to quote about a minimum of two weeks, while operators reacted to mixed data of retail sales of Canada.
The Loonie pair was already under pressure earlier in the day due to a weak US dollar in general, before the publication of Canadian retail sales. The torque fell even more after the latest figures published by Canada statistics revealed a 0.8% increase in retail sales for March, exceeding market forecast of 0.7% and a solid rebound of the fall reviewed downward from -0.5% February. However, retail sales excluding cars surprised down, registering -0.7% in March from the increase of 0.6% of February.
These retail sales figures suggest that consumer spending is on a downward trajectory when car sales are excluded, but it is still resistant in general.
Reacting to the data, Andrew Grantham, a senior economist in CIBC Capital Markets, said: “It seems that Canadian consumers have not tightened the nuts, given the uncertainty of tariffs.”
The Canadian dollar (CAD) also receives support amid a generalized weakness of the USD. The American dollar index (DXY), which measures the value of the USD compared to a basket of six main currencies, fell to a minimum of two weeks to quote about 99.40 during the start of negotiation hours in the US Tariff The president of the USA, Donald Trump, has proposed a 50% tariff to the imports of the European Union as of June 1, citing stagnant negotiations between both parties. Trump also threatened to impose 25% tariffs on Apple to force the iPhone manufacturer to relocate the production of telephones in the United States.
Canadian dollar today
The lower table shows the change percentage of the Canadian dollar (CAD) compared to the main currencies today. Canadian dollar was the strongest currency against the US dollar.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.54% | -0.56% | -0.94% | -0.71% | -0.96% | -1.25% | -0.92% | |
| EUR | 0.54% | -0.02% | -0.39% | -0.17% | -0.43% | -0.70% | -0.37% | |
| GBP | 0.56% | 0.02% | -0.38% | -0.14% | -0.37% | -0.68% | -0.35% | |
| JPY | 0.94% | 0.39% | 0.38% | 0.26% | -0.01% | -0.29% | 0.04% | |
| CAD | 0.71% | 0.17% | 0.14% | -0.26% | -0.27% | -0.53% | -0.21% | |
| Aud | 0.96% | 0.43% | 0.37% | 0.00% | 0.27% | -0.27% | 0.05% | |
| NZD | 1.25% | 0.70% | 0.68% | 0.29% | 0.53% | 0.27% | 0.32% | |
| CHF | 0.92% | 0.37% | 0.35% | -0.04% | 0.21% | -0.05% | -0.32% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the Canadian dollar of the left column and move along the horizontal line to the US dollar, the percentage change shown in the box will represent the CAD (base)/USD (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
