The USD/CAD pair surrenders its entire intraday gains and ticks down as the Canadian Retail Sales data grew steadily in September and the US Dollar (USD) gives up a majority of its intraday gains after refreshing a two-year high.
USD/CAD ticks down after the Canadian Retail Sales data came in line with expectations and the prior release. Steady Canadian Retail Sales growth would weigh on BoC's large rate-cut bets. Investors await the flash US S&P Global PMI data for November. The USD/CAD pair surrenders its entire intraday gains and ticks down as the Canadian Retail Sales data grew steadily in September and the US Dollar gives up a majority of its intraday gains after refreshing a two-year high.
Market speculation for BoC outsize interest rate cuts was already diminished slightly after the release of the Consumer Price Index data for October, which showed that price pressures accelerated at a faster-than-expected pace. The US Dollar Index , which tracks the Greenback’s value against six major currencies, drops from 108.00 to near 107.50.
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