The Canadian dollar erased its losses versus the US dollar today as stocks advanced and the US retail sales grew. The Canadian currency weakened against the euro as oil fell and the European policy makers attempt to find a way out of the debt crisis.
The Standard & Poor’s 500 Index rose 0.7 percent, following the previous decline by 0.2 percent. The retail sales (the advance estimate) in US, the biggest trading partner of Canada, grew 1.0 percent in February from the previous month, compared with the analysts’ forecast of 0.8 percent. The advanced followed the increase by 0.7 percent (revised) in January. April delivery for crude oil declined as much as 3.6 percent to $99.01 per barrel in New York. The leaders of the European Union have met today in Brussels on the two-day summit to discus the measures to fight with the sovereign-debt crisis.
USD/CAD closed today at 0.9711 after it opened at 0.9756 and climbed to the intraday high of 0.9801. EUR/CAD rose from 1.3501 after it opened at 1.3461 and dropped to 1.3408.
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