The USD/CAD pair broke above its daily range in the last hour and touched a new daily high at 1.3178 as a result of strength in USD.
Yesterday, data from Canada showed that wholesale sales increased by 1.2% in May, after the low growth of 0.1% in April and exceeded market expectations of 0.3%. However, despite that positive reading, the pair was able to preserve its bullish momentum with the dollar continuing to erase its losses on Friday.
After closing the previous week close to 94.50.
The US dollar index spent the first half of the day moving laterally in a tight range in that area before gaining traction in US trading hours. Although there was no clear catalyst behind this new wave of USD buying, investors seem to be trading expectations of an optimistic GDP reading from the US. on Friday.
Fox Business reporter, Charles Gasparino.
He reported that there were White House rumors about a possible 5% increase in GDP in the second quarter, fueling speculation that President Trump was leaking critical information about the growth figures before the data was published.
On the other hand, the barrel of West Texas Intermediate is below $ 69 on Monday, which gives an extra weight to the loonie linked to commodities.
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