The Canadian loonie saw different directions against other major currencies this Tuesday. The country’s wholesale trade report barely lifted the currency in sessions.
The Canadian wholesale trade report was released earlier this week showing promising figures in the country’s sales industry. The wholesale retail went up by 1% in September, betting projections of only 0.4% growth.
In terms of sales, it grew by 0.9% in volume in the same month.
The positive figures are expected to boost the country’s economy and the Canadian loonie.
Canada’s gross domestic product (GDP) results are due this Friday. Thus, traders are expecting better results in the country’s economic performance after the wholesale trades report buoyed hopes.
Ottawa’s GDP will, of course, play a significant factor in next week’s interest rate decision of the Bank of Canada.
Despite expectations for the GDP and the Canadian loonie to improve, the loonie still lost to the greenback.
As USD traders digest trade war news from China earlier, the greenback managed to outrun the loonie in sessions.
The USD CAD exchange rate rose 0.14% or 0.0018 points this Tuesday. The pair went up from its previous close of CA$1.3297 to CA$1.3315.
Loonie traders are still struggling to find a direction in today’s trading. The Canadian dollar contract flatlined as it only inched down by 0.05% or 0.0004 points this Tuesday.
Meanwhile, in the Atlantic, the Canadian loonie had two completely different results from the British pound and the single currency.
The EUR CAD pair jumped 0.16% or 0.0023 points this Tuesday. The pair currently trades around CA$1.4667 and has peaked as high as CA$1.4672.
The pound, unfortunately, didn’t have the same fate against the Canadian loonie as Boris Johnson’s promise quickly lost its luster.
The GBP CAD exchange rate contracted by 0.21% or 0.0035 points in today’s trading. The exchange rate went down from its previous close yesterday of CA$1.7150 to $1.7115 today.