USD/CAD keeps vibin’ sidewaysThe Canadian dollar hasn’t been giving its American peer much room to dominate.
- The USD/CAD pair is trading right around the flatline on Thursday, even after some positive US data couldn’t bring much excitement to the greenback. The dollar-to-dollar exchange rate is just about unchanged for the week, after a steep drop on Monday and a slight rise on Wednesday.
- The US dollar jumped about 0.8% yesterday, but erased nearly half of that later in session after a surprising 3% rise in US retail sales suggested strong economic demand is still there. With more of that, investors might be soon panicking over freshly-served jumbo-sized rate hikes.
- Pretty much since the start of 2023, the USD/CAD has been range-bound in the lows near 1.3260 and the highs around 1.3500. If we zoom out, though, the American dollar has made massive progress against its Canadian counterpart, rising some 12% since mid-2021.
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