CAD/USD Forecast

The Canadian dollar has been increasing since last week as oil price is getting stronger. Although Canada’s numbers are frustrating, the Canadian dollar has successfully maintained its position against the US dollar. However the outlook for the Canadian dollar is still negative in the near future, as consumer inflation fell 0.7% for the second consecutive month in April. Core CPI fell by 0.4%, the first decline in four months. In terms of labor, the number of ADP non-agricultural employment fell freely, at 226,700. Retail sales went south in March. Overall data fell by 10%, core data fell by 0.4%. Inflation and employment numbers were weak last week, and a decline in GDP in March could put pressure on the Canadian dollar.

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