USDCAD back near 1:32 after mixed retail sales


  • Canadian retail sales Y/Y: +1.7%. Core Y/Y: +1.6%
  • Loonie remains slightly higher on the day
  • USDCAD searching for direction back near $1.32


Retail sales may have bounced back in Y/Y terms, but they remain relatively weak compared to the past decade. Source: XTB Macrobond


Overall the data could be seen as slightly soft for the Canadian dollar, with the core reading often being viewed more keenly that the headline, but all in all it’s not really game changing in itself. Looking back across the week, it’s been a pretty steady one for the Loonie, with the currency sitting towards the middle of its range and the only real significant moves, such as those in the pound and Kiwi coming due to the other side of the pair.

The Canadian dollar has had a fairly uneventful week and trades pretty flat on the whole, with the only moves of note coming against the GBP and NZD and these were both due to the other side of the pair. Source: xStation

USDCAD remains below the cloud with a confirmed break with all lines supporting the move. The highs around the cloud at 1.3375 could be seen as important resistance while 1.3180 and 1.3070 are levels to keep an eye on below. Source: xStation

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