CAD strongest since June

Today's data from the Canadian economy turned out worse than expected. Canadian retail sales increased by 18.7% MoM for May, although an increase of 20% MoM was expected. However, this is quite a rebound given the previous report which showed sales fell by more than 25% in April. In annual terms, sales in May were still lower than a year ago and by as much as 18.4% y / y.

Nevertheless, USDCAD is driven by completely different factors at this point. First, we are seeing very positive sentiment in the markets. Second, crude oil rises to 4-month highs. WTI is trading around $43 per barrel. This caused that the USDCAD broke below the support at 1.3500. Another important support is located at 1.3320 - local lows from June. Theoretically, this would require an oil price of $ 45 per barrel.

USDCAD continues to decline as oil prices rise. Source: xStation5

10 July 2026, 18:35

Daily Summary: The week ends on a positive note. SK Hynix up 14% on Nasdaq. Energy down (10.07.2026)

10 July 2026, 17:03

Fed presents its semi-annual report. Stocks are expensive but no bubble?

9 July 2026, 10:33

Oil prices retreat and chip stocks rally, as market normalize to lates flare up

9 July 2026, 07:50

Economic calendar: ECB minutes, US jobless claims and PepsiCo earnings in focus

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