Canadian Dollar is losing momentum with strong US macroeconomic data boosting Greenback.
Canadian S&P Manufacturing PMI fails to support Loonie.
Oil prices have stalled near year-to-date highs, which adds negative pressure on CAD.
The Canadian Dollar (CAD) has opened the week on its back foot against a somewhat stronger US Dollar. Upbeat US manufacturing activity data and the softer crude prices are weighing on the Loonie in a thin market session as most European markets are closed on the Monday following Easter.
The US ISM Manufacturing index has shown levels above 50 for the first time since October 2022. These figures suggest an unexpected expansion of the sector’s activity in March and have been combined with improvements in all sub-indices with the prices component increasing at its fastest pace in almost two years, suggesting a positive contribution to inflation.
Earlier today, the Canadian S&P Manufacturing PMI remained little changed in March to complete a whole year of contraction in the sector’s activity. Beyond that, crude Oil prices have pulled back from recent highs, which adds negative pressure to the Canadian Dollar.
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