- USD/CAD remains on track to close the day in positive territory.
- US Dollar Index moves sideways below 91.70 after US data.
- Crude oil prices rise for the fourth straight day.
The USD/CAD pair fell to its lowest level in more than three weeks at 1.2474 but managed to stage a rebound in the second half of the day. As of writing, the pair was up 0.15% on the day at 1.2540.
Data confirm robust recovery in US
The selling pressure surrounding the greenback and rising crude oil prices weighed on USD/CAD during the European trading hours. However, the upbeat macroeconomic data releases from the US helped the USD stay resilient against its rivals despite the sharp decline seen in the US Treasury bond yields.
The US Census Bureau reported that Retail Sales surged by 9.8% in March following February’s decline of 2.7%. This print surpassed the market expectation for an increase of 5.9%. Additionally, the weekly Initial Jobless Claims fell to the lowest level in a year at 576,000. The US Dollar Index is currently virtually unchanged on a daily basis at 91.65.
On the other hand, the barrel of West Texas Intermediate (WTI) is up nearly 1% at $63.30, making it difficult for the pair to push higher by providing a boost to the commodity-related loonie.
On Friday, February Wholesale Sales will be featured in the Canadian economic docket. Housing Starts and the University of Michigan’s Consumer Sentiment Index from the US will be looked upon for fresh impetus as well.
Technical levels to watch for
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