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CAD Rises Despite Declining Oil Prices on USD Losses

M. Ali 2 March, 2021 9:06 pm Forex Market, Market Update

The Canadian Dollar (CAD) rose against its U.S. counterpart despite the decline of crude oil prices, after data showed that Canada’s real Gross Domestic Product (GDP) expanded by 0.1% in December, which came below market expectations.

Figures published by Statistics Canada showed on Tuesday that the November reading was revised up to 0.8% from 0.7%.

Meanwhile, the U.S. Dollar (USD) is declining across the board, amid a retreat in Treasury yields.

The USD/CAD pair is trading lower for the day by 0.27% at 1.2612. The pair has been moving today in a range between 1.2611 and 1.2698, after closing Monday at 1.2646.

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