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USD/CAD Climbs above 1.36 as Canadian Dollar Falters

USD/CAD is unchanged in the Monday session. Currently, the pair is trading at 1.3592, up 0.07% on the day. There are no Canadian or U.S. events on the schedule.

The Canadian dollar recorded sharp losses on Friday, after posting mixed numbers. GDP for October rebounded with a gain of 0.3%, after a decline of 0.1% in September. This beat the estimate of 0.2%. However, retail sales disappointed. Core retail sales were flat in October, down from 0.1% a month earlier and shy of the forecast of 0.2%. Retail sales improved from 0.2% to 0.3%, but missed the estimate of 0.4%.

U.S numbers were also a mixed bag on Friday. Final GDP came in at 3.4%, revised slightly from the initial reading of 3.5% in November. This was shy of the estimate of 3.5%, but still points to healthy economic growth in the third quarter. Durable goods reports were well short of their estimates. Core durable goods orders declined 0.3%, short of the estimate of 0.3%. This marked the first decline since May. There was better news from durable goods, which rebounded with a gain of 0.8%, after a plunge of 4.3% a month earlier.

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The Canadian dollar has dropped to its lowest level since May 2017, as the currency continues to head south. USD/CAD jumped 1.62 percent last week and has climbed 2.3 percent in December. With global equity markets falling to their lowest level since 2008, high trader apprehension has made the Canadian dollar less attractive, as investors stick with safe-haven assets. A quiet Christmas week could halt the steep slide, but further headwinds await the Canadian dollar in January unless risk appetite improves.

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