The Canadian Dollar has weakened against the U.S Dollar following disappointing local data, the USD/CAD opened the Asian session around 1.3296, as the trading session progressed and moved into Europe and North America the Greenback touched a two-week high of 1.3357 just before the close. According to the Statistics of Canada, Manufacturing Sales decreased by 1.4% on a monthly basis in November following October's 0.1% decline. Furthermore, wholesale sales dropped 1% in the same period to miss the market expectation for a no-change.
A drop in oil prices didn’t help, US crude oil dropped 2.3% down to $52.57 a barrel on fresh signs of a global economic slowdown.
On the technical front, the next line of support sits at 1.3330 and then 1.3230, on the flip side, a break above 1.3385 would target 1.3420