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Lifted by Retreating Crude Price, USDCAD Reverses Higher

Nov, 22nd 18:26

USDCAD turned higher after two days of declines. The pair was boosted by a weaker oil price and mixed Canadian retail sales reports.

Crude oil pulled back on Tuesday, heading to close lower on concerns that Iran and Iraq – two OPEC members that are trying to get an exemption from any output-cut deal – may not be ready to agree on an OPEC output freeze agreement after prices had rose to the highest level this month on reports cartel members were moving closer to finalizing the agreement.

Also supporting the dollar versus the Loonie, Canadian retail sales missed forecast in September while the so-called core index was unchanged. According to data from Statistics Canada showed on Tuesday, auto purchases, which climbed for the first time in three months, helped retail sales rise 0.6 percent, falling short of expectations calling for an increase of 0.7%.

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