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

6 November 2026, 5:37 PM

3 markets to watch next week: GBPUSD, US500, OIL (06.11.2026)

6 November 2026, 4:12 PM

🚩 EURUSD loses 0.6%

6 November 2026, 1:24 PM

Market Wrap: Weak Europe, AI Debt, and Awaiting US Data

6 November 2026, 12:10 PM

EURUSD loses ground ahead of NFP

Forex

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