The Loonie underwent another fall on Thursday as USD sank to a 10-day low. The global energy crisis supports CAD as oil prices rise. The price of oil, one of Canada’s major exports, soared after the International Energy Agency said that record natural gas prices would boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply.
Meanwhile, in what was other welcomed news today, domestic manufacturing data added to evidence that economic activity picked up in the third quarter. Canadian factory sales rose 0.5% in August from July, on higher sales of petroleum and coal, chemicals and primary metals, Statistics Canada said.
Later in the day the US will release its monthly Retail Sales, Empire State Manufacturing Index, Preliminary UoM Consumer Sentiment and Inflation expectations.
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