News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Singapore non-oil exports (NODX) in Dec surged 6.8% YoY, reversing a two-month decline and smashing a 0.3% forecast.
  • Alberta Premier Kenny says concerned about report that the incoming Biden administration may repeal presidential permit for Keystone XL border crossing next week
  • $CAD soft early on as President-Elect Joe Biden is reportedly planning to cancel the Keystone XL pipeline permit via executive action on his 1st day in office
  • Wall Street Futures Update: Dow Jones (-0.11%) S&P 500 (-0.233%) Nasdaq 100 (-0.299%) [delayed] -BBG
  • This week ahead, around 9% of the S&P 500 companies will release their results, including BoA, Goldman Sachs, Netflix, P&G, Morgan Stanley, IBM and Intel. So far in the earnings season, 85% of the S&P 500 companies have beaten forecasts. Read more:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • The S&P 500 continues to trend higher within the confines of an upward channel, and as long as it stays above the lower parallel of the pattern then it remains positioned for higher prices. Get your market update from @PaulRobinsonFX here:
  • China 4Q GDP is expected to register an annualized growth rate of 6.1%, marking a robust recovery from the Covid-19 pandemic. Look ahead, China’s economic growth may accelerate further to 8-9% in 2021 partly due to a lower base in 2020.
  • 5 out of 9 Dow Jones sectors ended lower, with 90% of the index’s constituents closed in the red. Energy (-3.56%), industrials (-1.18%) and consumer staples (-0.41%) were among the worst performers, whereas communication services (+0.15%) and healthcare (+0.10%) outperformed.
  • The Dollar’s first major counteroffensive since September takes the index more than 1.6% off the monthly low. Here are the levels that matter on the DXY technical chart. Get your market update from @MBForex here:
Canada Retail Sales to Spur Pullback While USDCAD Eyes Higher High

Canada Retail Sales to Spur Pullback While USDCAD Eyes Higher High

2014-01-23 08:00:00
David Song, Gregory Marks,

- Canada Retail Sales to Rebound 0.2% in November

- Household Spending as Increased Seven Times in 2013

Trading the News: Canada Retail Sales

A rebound in Canada Retail Sales may spark a near-term correction in the USDCAD as it raises the fundamental outlook for growth and inflation

What’s Expected:

Time of release: 01/23/2014 13:30 GMT, 8:30 EST

Primary Pair Impact: USDCAD

Expected: 0.2%

Previous: -0.1%

DailyFX Forecast: -0.1% to 0.2%

Why Is This Event Important:

In light of the recent comments from the BoC, it seems as though Governor Stephen Poloz may revert back to an easing cycle as the persistent slack in the real economy raises the threat for disinflation, and the central bank may turn increasingly dovish over the coming months should we see a further slowdown in the economic recovery..

Expectations: Bullish Argument/Scenario




Manufacturing Sales (MoM) (NOV)



Gross Domestic Product (MoM) (OCT)



Consumer Price Index (YoY) (NOV)



Easing price pressures paired with the underlying recovery in the real economy may generate a rebound in retail sales, and a positive print should offer a more meaningful pullback in the USDCAD as it remains overbought.

Risk: Bearish Argument/Scenario




Net Change in Employment (DEC)



Unemployment Rate (DEC)



Average Weekly Earnings (YoY) (OCT)



However, subdued wage growth paired with the ongoing weakness in the labor market may continue to drag on consumption, and a weaker-than-expected outcome may spur fresh lows in the Canadian dollar as it fuels expectations for a rate cut..

How To Trade This Event Risk(Video)

Join DailyFX on Demandfor Full Coverage of Canada Retail Sales

Bullish CAD Trade: Household Spending Rises 0.2% or More

  • Need red, five-minute candle following a positive print to consider a short USDCAD trade
  • If reaction favors a long Canadian dollar trade, sell USDCAD with two separate position
  • Set stop at the near-by swing high/reasonable distance from entry; look for at least 1:1 risk-to-reward
  • Move stop to entry on remaining position once initial target is hit, set reasonable limit

Bearish CAD Trade: Private Consumption Disappoints

  • Need green, five-minute candle to favor a long USDCAD trade
  • Implement same setup as the bullish Canadian dollar trade, just in opposite direction

Potential Price Targets For The Release


Forex_Canada_Retail_Sales_to_Spur_Pullback_While_USDCAD_Eyes_Higher_High_body_Picture_2.png, Canada Retail Sales to Spur Pullback While USDCAD Eyes Higher High

Chart - Created Using FXCM Marketscope 2.0

  • Retails Long-Term Bull Trend; Looking for Higher High
  • Favor ‘Buying Dips’ as Long as RSI Holds Above 70
  • Interim Resistance: 1.1100 Pivot to 1.1140 (100.0% expansion)
  • Interim Support: 1.0900 Pivot to 1.0930 (61.8% expansion)

Impact that the Canada Retail Sales report has had on CAD during the last month


Data Released



Pips Change

(1 Hour post event )

Pips Change

(End of Day post event)

OCT 2013

12/20/2013 13:30 GMT





October 2013 Canada Retail Sales

Forex_Canada_Retail_Sales_to_Spur_Pullback_While_USDCAD_Eyes_Higher_High_body_Picture_1.png, Canada Retail Sales to Spur Pullback While USDCAD Eyes Higher High

Retails Sales for the month of October came three tenths below expectations to actually decline MoM by 0.1% following September’s dismal reading that marked the biggest decline since April 2010. The initial move in USDCAD higher was partially inflated by CPI data that also came in below economists’ surveys at 13:30GMT. Notably, the missed MoM figure for Retail Sales was led by a 1.9% decline in motor vehicle & parts dealers in October. Following the Bank of Canada rate decision yesterday, USDCAD saw multi-year highs intraday and spent the NY session above 1.10. Certainly, a missed print here would contribute to already dismal data out of Canada and may continue to put pressure on CAD crosses as important levels continue to be breached following a breakout against the greenback earlier this month.

--- Written by David Song, Currency Analyst

To contact David, e-mail Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.