The Canadian dollar had a mixed day on Friday, logging gains against the majority of its most-traded peers but then dropping off. Monthly retails sales released in the afternoon came in significantly above expectation, coming in at an impressive 1.5% (forecasted at 0.4%). The impact of the figures was slightly muted, however, as inflation figures came in below forecast, showing a 0.1% contraction month-on-month. The inflation figures will be a worry for central bank policy makers, and will boost speculation that we could see rates cut from the current 1% level. Growth figures released this Friday will provide more indication of the direction in which the economy is headed.
This is another relatively quiet week for other events and data releases. Out of New Zealand we have trade balance and business confidence figures, and out of Australia we have quarterly private capital expenditure data.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.