The USD/CAD pair rebounds sharply after falling to near the round-level support of 1.3600 in Wednesday’s New York session.
USD/CAD bounces back from 1.3600 on weak Canadian Manufacturing Sales data. The US Dollar faces a sell-off due to an expected decline in the US inflation data. Weak US Retail Sales also weighed on the US Dollar. The Loonie asset recovers as poor Canadian Manufacturing Sales data weakens the Canadian Dollar.
The decline in the inflation data came from lower prices of utility gas services and used cars and trucks. Rentals, transportation and medical services price index continue to gain higher. Apart from soft US inflation figures, weak monthly Retail Sales data also built pressure on the US Dollar. Monthly Retail Sales were unchanged while investors anticipated an increase by 0.4%. On the Loonie front, weak monthly Manufacturing Sales data for March has also built pressure on the Canadian Dollar.
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