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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Low
High
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
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar may seesaw as investors navigate what could be a volatile week packed with US GDP data, rising Covid-19 cases, Q3 corporate earnings and more. Get your #currencies update from @ZabelinDimitri here: https://t.co/UNRcd3c9uA https://t.co/BiUiOV4cXC
  • USD/MXN pushes lower towards a critical support level in the midst of continued political uncertainty. Get your #currencies update from @HathornSabin here: https://t.co/HEAzgJJJjg https://t.co/NU9wYbIuni
  • Gold Forecast - via @DailyFX “Gold price outlook still hinges on stimulus deal expectations and corresponding swings in real yields.” What will I have my eyes on in the week ahead? Link to Analysis: https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2020/10/23/gold-forecast-xau-usd-at-the-mercy-of-a-fiscal-stimulus-deal.html $GC_F $XAUUSD $GLD https://t.co/GWEI4d4mMu
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/rxswe1gVL0
  • Talks between the EU and UK restarted today and will continue over the weekend as negotiators from both sides battle against the clock. Get your #currencies update from @nickcawley1 here: https://t.co/ER8IT1yxYO https://t.co/Jeeu2P9mwB
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/W9awqb818J
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/lucvsACxu5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/yywnE39MLU
  • The US Dollar is losing ground against ASEAN FX, with USD/SGD and USD/IDR possibly readying to extend declines. Will USD/PHP and USD/MYR follow? Find out from @ddubrovskyFX here: https://t.co/l705RWumj5 https://t.co/jBbMKYp0F5
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/YUhC9cCDpy
January Retail Sales Misssed Estimates; Canadian Dollar Sell Off

January Retail Sales Misssed Estimates; Canadian Dollar Sell Off

2012-03-22 14:16:00
Trang Nguyen,
Share:

THE TAKEAWAY: February Canadian Retail Sales Missed Consensus Forecast> Economic Recovery Slowed v.s Expected> Canadian Dollar Extends Loss

Canadian retail sales rebounded in January after failing to grow for the first time in five months in December, fueled by higher sales in motor vehicle and part dealers and clothing and department stores. Sales in retail stores rose 0.5 percent to a seasonally adjusted C$38.9 billion in the first month of this year, Ottawa-based Statistics Canada reported today. The print was less than a third of economist’s projection of 1.8 percent, according to Bloomberg News survey. Meanwhile, December’s retail sales were revised upward to be flat from a fall of 0.2 percent. The less volatile figure, excluding auto sector, unexpectedly edged down 0.5 percent in January contrast with 0.5 percent increase widely predicted.

Canadian Retail Sale: June 2010 to Present

032212_CAD_Retail_Sales_January_body_Chart_2.png, January Retail Sales Misssed Estimates; Canadian Dollar Sell Off

Prepared by Trang Nguyen

Gains were recorded in five of eleven major categories that account for fifty-two percent of total retail sales in January. Sales at motor vehicle and parts dealers surged 3.7 percent, largely attributable to a 4.6 percent mount in new car dealers which was also the highest monthly growth rate in three years. Additionally, higher sales at used car dealers (+2.8%) and automotive parts, accessories and tire stores (+1.8%) contributed to this surge. Besides, sales in department stores surprisingly increased for the first time in five months, up 2.1 percent. Clothing and clothing accessories stores edged up 0.6 percent, led by sales at shoes stores (+4.2 percent). On the other hand, building materials and supplies dealers posted the largest monthly sale decline (-5.2%) contrast to a previous increase of 4.0 percent. Electronics and appliance stores also witnessed a sizable decrease (-3.4%). Sales at food and beverage stores fell 0.9 percent in January on lower sales at super market and grocery stores.

Regarding to region, retail sales climbed in six of thirteen major provinces in January, led by sales in Ontario (+1.5%) due to higher sales of new motor vehicles. Sales in Alberta and British Columbia rebounded 0.6 percent and 0.3 percent in the month, respectively after tumbling in December. On the contrary, Nova Scotia registered the biggest decline of 1.5 percent.

USDCAD 1-minute Chart: March 22, 2012

032212_CAD_Retail_Sales_January_body_Picture_1.png, January Retail Sales Misssed Estimates; Canadian Dollar Sell Off

Charts created using Strategy Trader– Prepared by Trang Nguyen

The Canadian dollar was traded mixed ahead North American session today as the loonie strengthens versus high-yielding currencies ( Australian dollar, New Zealand dollar) but weakens versus safe-haven currencies (U.S. dollar, Japanese yen and Swiss franc). In the minutes following the weaker-than-expected retail sales report, the Canadian currency immediately lost grounds versus most of its major counter parts. As can be seen from the 1-minute USDCAD chart above, the USDCAD pair jumped about 30 pips. TheRelative Strength Indicatorcrossing above 70- territory twice signaled that forex trading crowd was aggressively purchasing dollar while selling off loonie. At the time this report was written, the loonie has extended loss against the reserve currency to above parity $C.100023 per U.S. dollar.

--- Written by Trang Nguyen, DailyFX Research Team for DailyFX.com

To contact Trang, email tnguyen@dailyfx.com

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

DISCLOSURES