USD/CAD continued to rise during the American session. The Loonie dropped dramatically across the board after the release of Canadian economic data and kept falling afterward.
USD/CAD: best day in months
The pair has risen more than a hundred pips over the last three hours. It was hovering around 1.2490 before the data and it just printed a 7-week high at 1.2608. At the moment of writing it was trading around 1.2600, consolidating important gains.
The pair was already moving with a bullish bias amid a stronger US dollar. It accelerated after the release of CPI and retail sales data. According to the report, the CPI rose in September 0.2%, below the 0.3% expected while the core CPI climbed 0.2% also below expectations. In another report, retail sales also missed forecasts. Sales contracted 0.3% in August, while sales excluding the Autos sector dropped 0.7%; a minor increase was expected in both readings.
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