USD/CAD faces downward pressure on risk-on global sentiment.
The Canadian dollar strengthened against its U.S. counterpart on Thursday as a jump in oil prices and improvement in risk appetite offset domestic data showing that retail sales growth stalled in March. The loonie was up 0.3% at 1.2775 to the greenback, or 78.28 U.S. cents, moving toward the stronger end of its range over the last week or so, which has been between 1.2762 and 1.2895. "Higher oil prices are helping lift the loonie today," said Erik Nelson, a currency strategist at Wells Fargo in New York.
USD/CAD rises amid more aggressive Fed rate hikes.