Canadian Dollar gives away gains as USD bounces up following strong Retail Sales data.
Investors’ concern that Middle East conflict might escalate provides additional support to the safe-haven US Dollar.
Oil prices have depreciated nearly 3.5% from early April highs, adding negative pressure to CAD.
The Canadian Dollar (CAD) recovery attempt seen during Monday’s European session has been short-lived. The US Dollar has resumed its bullish trend as better-than-expected retail consumption data has confirmed the strong momentum of the US economy.The strong Retail Sales figures come after last week’s sticky inflation numbers, strengthening the view that the Federal Reserve (Fed) will be keeping rates higher for longer. This is supporting the US

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