With a very light economic calendar from Canada, it was oil prices and counter currency flows that lead CAD to a mixed but net positive week.
Canadian Headlines and Economic data
- Canadian Wholesale sales increased 1.7% to $65.3 billion in April, the fifth consecutive monthly increase
- China tells Canada to stop meat shipments over bogus documents – Not sure if this was the direct catalyst, but this news does correlate with a slight uniform move lower in CAD pairs in the afternoon U.S. session
- Oil rallies on the session, ahead of the EIA crude oil inventories and after the event as there was a big drawdown to lift oil prices higher. This is likely the catalyst for CAD’s move higher despite a lack of direct influences from Canada.
- Oil slips to $66 ahead of G20, OPEC meeting – Again, no catalysts from Canada, so it’s likely oil’s pullback from the week’s highs pulled down the Loonie with it