The how to buy xrp onlineUSDCAD currency pair continues facing downward pressure near 1.4290 as Monday's trading session concludes.
Disappointing US retail figures for February have undermined confidence in the greenback's strength.
Geopolitical tensions are boosting crude oil benchmarks, providing tailwinds for the resource-linked Canadian currency.
Market participants observed persistent weakness in the USDCAD pair during North American trading hours, with the exchange rate hovering near 1.4290. The US dollar's retreat follows growing concerns about economic headwinds stemming from recent trade policy announcements. Attention now shifts to Canada's February consumer price index release scheduled for Tuesday.
The latest US retail sales report revealed softer-than-anticipated growth, raising questions about consumer resilience. According to Commerce Department statistics published Monday, monthly retail transactions expanded by just 0.2% in February following a revised 1.2% contraction in January. These results fell significantly short of the 0.7% expansion forecast by economists. Year-over-year comparisons showed retail activity growing at 3.1%, down from January's revised 3.9% pace.
These underwhelming economic indicators, combined with renewed trade policy uncertainties, have created a risk-off environment for dollar holders. The resulting sentiment has translated into relative strength for the Canadian dollar against its US counterpart. Traders await additional US economic releases including construction permits and industrial output data for clearer directional signals.
Meanwhile, rising crude oil prices amid Middle Eastern supply concerns continue supporting Canada's petrocurrency. As the primary crude exporter to US markets, Canada's currency typically benefits from upward movements in energy benchmarks. The current geopolitical climate has maintained upward pressure on oil prices, contributing to the Loonie's resilience against the softening US dollar.
