{"id":82703,"date":"2019-11-27T03:04:09","date_gmt":"2019-11-27T08:04:09","guid":{"rendered":"https:\/\/currencylive.com\/?p=82703"},"modified":"2019-11-27T03:34:06","modified_gmt":"2019-11-27T08:34:06","slug":"101605-usd-cad-canadian-dollar-strengthens-on-oils-recovery","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101605-usd-cad-canadian-dollar-strengthens-on-oils-recovery\/","title":{"rendered":"USD\/CAD: Canadian Dollar Strengthens On Oil&#8217;s Recovery"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/wise.com\/?utm_source=currencylive-com&utm_medium=affiliate&utm_content=news%2Fwp_json%2Fwp%2Fv2%2Fposts%2F82703&utm_campaign=news\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-65277\" style=\"padding-top: 5px;\" src=\"https:\/\/currencylive.com\/wp-content\/uploads\/2019\/11\/transferwise-inline-banner-money-transfer.jpg\" alt=\"\" width=\"670\" height=\"125\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The Canadian dollar strengthened versus its US counterpart, sending the Canadian dollar US dollar exchange rate lower on Tuesday. The pair closed the session close to the daily low of 1.3265. The pair is holding steady in early trade on Wednesday.<\/p>\n<p>The US dollar traded broadly weaker versus its peers in the previous session following disappointing US consumer confidence figures. Official data showed that household sentiment unexpectedly decreased in November to 125.5. This was down from October\u2019s reading of 126.1. It was also below analysts\u2019 expectations of 127.<\/p>\n<p>Whilst the figures were slightly disappointing, on a historical basis consumer confidence is still elevated. The data, from this perspective, supports the idea that the US consumer is holding up well despite the ongoing US &#8211; China trade dispute. This is particularly important because the US consumer is doing the heavy lifting in the economy amid the current manufacturing slowdown.<\/p>\n<p>Whilst consumer confidence data fell short of analyst\u2019s expectations, new home sales far exceeded, city analysts\u2019 forecasts. Buyers brought new homes over the past two months at the fastest pace in 12 years thanks to lower prices and borrowing costs.<\/p>\n<p>Today there is a slew of US data for investors to digest ahead of the Thanksgiving break on Thursday. The key data releases to watch include US GDP, inflation and durable goods. Broadly speaking analysts are expecting the releases to be an improvement on last month. In this scenario, stronger data could lift the dollar.<\/p>\n<p>Trade will remain relevant; however, reactions are becoming more muted to the constant stream of headlines but little action.<\/p>\n<h3><strong>Oil Lifts Canadian Dollar, Inventory Data In Focus<\/strong><\/h3>\n<p>The Canadian dollar pick up in the US session on Tuesday as rising crude oil prices helped the commodity sensitive currency gather strength. Reports that OPEC will unanimously support an extension of the current oil production cuts ahead of next week\u2019s OPEC meeting, lifted the price of oil. According to Russian media the oil group is discussing whether the extension should be for three months or six months. West Texas Intermediate ended Tuesday 0.45% higher.<\/p>\n<p>Today there is no high impacting Canadian data. However, the oil sensitive Loonie will look towards oil inventory data due later today. Investors will be keen to see whether last months smaller than expected build of inventories is a sign of things to come.<\/p>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/wise.com\/?utm_source=currencylive-com&utm_medium=affiliate&utm_content=news%2Fwp_json%2Fwp%2Fv2%2Fposts%2F82703&utm_campaign=news\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-65277\" style=\"padding-top: 5px;\" src=\"https:\/\/currencylive.com\/wp-content\/uploads\/2019\/11\/transferwise-inline-banner-money-transfer.jpg\" alt=\"\" width=\"670\" height=\"125\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), 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 currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian dollar strengthened versus its US counterpart, sending the Canadian dollar US dollar exchange rate lower on Tuesday. The pair closed the session close to the daily low of 1.3265. The pair is holding steady in early trade on Wednesday. The US dollar traded broadly weaker versus its peers in the previous session following [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5436,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1381],"tags":[1680,1683,1435,1387,1522,1415,1479,1431,1400,1397,1398],"class_list":{"0":"post-82703","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-usd","9":"tag-cad","10":"tag-canadian-dollar","11":"tag-consumer-confidence","12":"tag-inflation","13":"tag-oil","14":"tag-trade-dispute","15":"tag-trade-talks","16":"tag-trade-war","17":"tag-trump","18":"tag-us-dollar","19":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/CAD: Canadian Dollar Strengthens On Oil&#039;s Recovery - 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