The US dollar pushed higher versus the Canadian dollar early on Thursday, before paring gains later in the US session. The US dollar Canadian dollar exchange rate rallied to1.3271, a fresh 5 week high, before falling. The pair closed at approximately the same level that it had started Thursday at. The US dollar is trending lower versus the Canadian dollar in early trade on Friday.

    After a strong start in the previous session, the dollar turned lower mid way through the US session. Whilst there was not clear-cut catalyst for the move lower, analysts are pointing to Trump’s impeachment trial and a lack of progress over a US — China phase one trade deal.

    The latest from White House Economic Advisor Larry Kudlow is that the two sides are getting close to a deal. These remarks are propped up risk sentiment overnight although there is also some caution given the number of false signs of progress in US -Sino trade talks.

    Today dollar investors will look towards the US economic calendar for the release of US retail sales. Analysts are expecting retail sales to have increased 0.2% month on month in October. This would be a significant improvement from last months’ -0.3% contraction. The dollar declined sharply after last months dismal figures, as concerns grew that the slowdown in the manufacturing sector was spilling over in the consumer sector. A solid retail sales reading could help put those fears to bed.

    BoC Governor Stephen Poloz Speech In Focus

    The Canadian dollar declined in early trade on Thursday amid growing concerns over the health of the global economy. Weak Chinese industrial production data and Germany narrowly missing a recession unnerved investor. As Canada is a major exporter of commodities, including oil; its economy can be hurt by a slowdown in global growth.

    Today the Canadian dollar is advancing as oil gains on trade deal optimism.

    Canadian dollar investors will now look ahead to a speech by Bank of Canada Governor Stephen Poloz at the Federal Reserve Bank of San Francisco. Investors will be listening carefully for hints over the direction of monetary policy. Just last month the Bank of Canada expressed concern over global trade uncertainty and cut its growth forecasts. Any dovishness from Stephen Poloz could weigh on demand for the Canadian dollar. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.