empty
 
 

2014.07.2323:16:03UTC+00Canadian dollar solidifies modestly, stays in range

The Canadian dollar firmed modestly against the US dollar Wednesday although it stayed within a narrow range, as investors awaited and saw approach to geopolitical risks and domestic retail sales rose.

The retail sales report climbed 0.7% in May, in line with expectations. The figures pushed the loonie shortly to a session high of C$1.0710 but was sustained.

"On balance, (the report) was roughly in line with the market and what we were looking for, so it makes sense that US dollar-Canadian dollar is about where it started the day," said Greg Moore, Senior Currency Strategist at Royal Bank of Canada.

The currency concluded the North American session at C$1.0729 to the greenback or 93.21 US cents, firmer than Tuesday's C$1.0736 or 93.14 US cents.

Also, markets continued to monitor the events in Ukraine and the Middle East. Woes over escalating tensions in the two regions devitalized investor sentiment earlier in the week, but has a more neutral stance to them Wednesday. 

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback