USD/CAD: Canadian Dollar Pushes Higher Against Greenback as Markets Eye Tomorrow’s Retail Sales Data

The US dollar received a bid against the loonie on a slight risk-off undertone in the markets this morning but gave back most of its intraday gains with the opening of the New York session, consolidating recent losses near multi-week lows.

While President Trump’s impeachment by the US House of Representatives failed to move the greenback, it seems that a slight decrease in risk appetite underpinned the currency which traded at 1.3117 against the Canadian dollar, as of 2:20 p.m. London time.

US 2-year yields and most major stock indices are modestly lower for the day, while higher oil prices failed to provide significant support for the Canadian dollar.

Although the House impeached Trump on two counts — on charges of abuse of power and obstructing Congress — Republicans who have the majority in the Senate will probably acquit him. This is perhaps the main reason behind greenback’s resilience to move on the news.

Another report from the US today include the Manufacturing Index for December, with forecasts of 8.1 index points, down from 10.4 in November.

From Canada, markets await tomorrow’s retail sales figures which are expected to increase by 0.5% after a fall of 0.1% in September. Core retail sales are expected to match forecasts of a 0.2% rise.

From a technical standpoint, the USD/CAD pair retains a soft undertone after breaking below the December 16 low of 1.3115. The RSI followed the price in making a fresh low was approaching oversold levels with a reading of 36.37 at the time of writing.

To the downside, the US dollar could pick up some support at the lower 1.30s — an area that aligns with the profit-target projected from the H&S pattern – while the Canadian dollar looks well supported below the 1.3150 level. 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.