Canada Retail Sales Data
- Core retail sales index (m/m) (Aug), fact -0.2%, forecast 0.1%.
- Retail sales (m/m) (Aug), fact -0.1%, forecast 0.5%.
Retail sales in Canada slowed for the second consecutive month, which did not meet market expectations. In addition to lower sales, this indicator also indicates a slowdown in consumer inflation in Canada. This puts additional pressure on the Canadian dollar.
Fig. 1. Canada Core Retail Sales Chart
Weak data for Canada strengthened the correction for the USD/CAD pair. Further growth of this pair will be limited by a downtrend and resistance levels: 1.3120 and 1.3150. It will be possible to talk about a deeper correction for this pair after fixing above this resistance. Support is located at 1.3000 and 1.2980.
Fig. 2. USD/CAD chart
Read also: “The British pound is growing on Johnson’s failures”
Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- USD/CNY – an indicator of the progress of the US – China trade relations
- What to expect from the Bank of England in the face of a tough Brexit
- The results of the US-China trade talks
Current Investment ideas:
- One more opportunity to earn in October! Sell #CAT shares now!
- Several reasons to buy Cisco Systems, Inc. shares in October. Let’s earn Together!
- Technology giant Microsoft is getting ready to storm new highs! Let’s make money on it!