The Canadian dollar picked up some support against the US dollar as the markets are drifting into the end of the trading week. It seems like the week is closing on a slight risk-on undertone, with US equities modestly higher and safe-haven currencies under performing against other major currencies.

White House economic advisor Kudlow gave the risk sentiment a positive push after he said that trade negotiations were down to the “short strokes”, signaling — once again – a potential deal in sight.

The US dollar was slightly lower on mixed market reports. Core retail sales came in at 0.2% for October, while market forecasts were for a 0.3% rise. Nevertheless, retail sales (including automobiles) grew 0.3% in October, beating expectations of a 0.1% rise.

The Bank of Canada Governor Poloz gave some positive remarks at a Fed event yesterday, suggesting that current data shows a healthy labour market and wage growth above 4%.

These comments supported the Canadian dollar overnight, which reached an intraday high of 1.3220 against the US dollar during the Asian session. Market expectations of a rate cut in December were little changed at around 20%.

The pair’s technical picture is slightly bearish at the moment. The daily chart shows a bearish reversal pattern that could send the price further down, with the November 1 high of 1.3200 acting as a short-term support level.

To the upside, yesterday’s high of 1.3270 will likely provide some selling pressure and act as a resistance level if retested, followed by the October highs of 1.3345. As of 2:50 p.m. London time, the US dollar traded at 1.3230 against 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.