Canada doller today11/17/2023 ![]() ![]() August Retail Sales are forecast to rise by 0.2% m/m, and ex-auto's are expected to rise by 0.4% m/m. The oil price rally has given the Canadian dollar an added boost, but if the rally stalls and next week's FOMC meeting is hawkish, the Canadian dollar will flounder. Price gains are also being driven by speculators, as hedge funds have increased bullish bets by over 30% since June. Instead, they focused on yesterday's OPEC Oil Monthly report, which warned that crude supplies will become tighter into year-end. Traders ignored the Energy Information Administration (EIA) report yesterday, which showedcrude inventories rising in the previweek. West Texas Intermediate (WTI) oil prices inched higher again overnight, rising from $88.69 per barrel to $89.40 in early NY trading today. The gain is driven by rising oil prices and modest weakness in thedollar against the G-10 major currencies. The Canadian dollar continues to gnaw through variresistance areas and is currently at its best level in two weeks. dollar rangebound overnight, opens mixed. Retail Sales and Producers reports on tap. Learn how KnightsbridgeFX can help you save up to 2% when buying or sellingdollars compared to your Canadian bank's rates – click here to compare bank rates USD / CAD - Canadian dollar gnawing at resistance.
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