Retail sales sending the Canadian Dollar up

Skerdian Meta•Friday, July 22, 2016•1 min read

The Canadian retail sales and the inflation numbers were published a while ago. The inflation, both CPI (consumer price index) and core CPI came out as expected but down from last month. The retail sales data came out much stronger though. The retail sales posted a 0.2% increase while the core retail sales jumped 0.9% this month, which is a great number compared to 0.3% that was expected.

This is the second round of positive economic data from Canada this week after the wholesale sales number which was published yesterday showed that the sales jumped 1.8% this month against 0.2% expected. Yesterday the Canadian dollar wasn´t really affected by the positive surprise which went in our favour since we had an open buy forex signal in USD/CAD. Today though, the Canadian Dollar jumped and USD/CAD declined by nearly 100 pips.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.