Retail Sales in the US and Canada
USA:
- Core Retail Sales (m/m) (Mar), fact 1.2%, forecast 0.7%.
- Initial jobless claims , fact 192K, forecast 205K.
- Philadelphia Fed manufacturing activity (April), fact 8.5, forecast 10.4.
- Philadelphia Fed employment (April), fact 14.7, previous value 9.6.
- Retail sales (m/m) (March), fact 1.6%, forecast 0.9%.
Canada:
- Core Retail Sales (m/m) (Feb), fact of 0.6%, forecast 0.2%.
- Retail sales (m/m) (Feb), fact 0.8%, forecast 0.4%.
Published statistics for both the United States and Canada has been very positive. Of particular note is the data for the United States. The resumption of growth in retail sales in March in the US indicates an increase in consumption, which is a very optimistic signal after a decline earlier.
Fig. 1 U.S. core retail sales chart
As a result, the market has accelerated the buying up of the US dollar across the market, despite the overbought American dollar. The USD/CAD pair was no exception, updating the weekly high, but retaining the side channel. The upward trend in this pair is maintained on the optimism for the US dollar, but is limited by overbought and the possibility of correction. Resistance levels: 1.3400 and 1.3120, support: 1.3360 and 1.3330.
Fig. 2. USD/CAD chart. Current price – 1.3350
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Hanzenko Anton
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