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USD/CAD hits 11-year highs

FXStreet (Córdoba) - USD/CAD reached the strongest level since 2004 during the American session when it climbed to 1.3356, modestly above August highs. The pair then pulled back and it was trading at 1.3335/40, a gain of 65 pips for the day.

The US dollar is rising for the fifth day in a row against the loonie and is consolidating above 1.3300, and area that now could become a support.

Oil down, CAD down

The pair gained momentum earlier after the Canadian retail sales report; then stabilized but a decline in crude oil prices gave it another push to the upside toward multi-year highs.

The WTI barrel hit a 2-day high at $47.15 but reversed and dropped more than $2 from the highs following US crude oil inventories data. Price bottomed at $44.40 and near the end of the session it was at $44.70, down 3.60% for the day.

CNH load down - UOB

Analysts at UOB Group noted that the flash estimate of Caixin manufacturing PMI came in at 47.0 for September, against consensus of 47.5, and August’s reading of 47.3.
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