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. See our updated Privacy Policy here.

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
Subscribe
Please try again
Oil - US Crude
Bullish
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
More View more
Real Time News
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here: https://t.co/BPHuKecwnz https://t.co/73OmuCKfU9
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/KzhQnGiLyt
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/cuneuJNZlH
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/danCiP5vqK
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/t34kotPE8R
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/lM1OIJdjhr
  • 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: https://t.co/lZFM8youtX https://t.co/6qGEVjDlN6
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here: https://t.co/T7iAD0fbbU https://t.co/xVSG7nKIQG
Loonie Tumbles As Canadian February Retail Sales Unexpectedly Fall

Loonie Tumbles As Canadian February Retail Sales Unexpectedly Fall

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [Canada retail sales unexpectedly decline for first time in seven months] > [Decline led by auto] > [CAD weakens against USD]

Canadian retail sales unexpectedly declined in February for the first time in seven months on disappointing auto sales, reversing the rebound seen in January after sales stagnated in December. Ottawa-based Statistics Canada reported today that sales fell by 0.2 percent in February, while January’s figures were revised downwards to 0.2 percent from the 0.5 percent originally reported. The median forecast of economists surveyed by Bloomberg News had called for month-on-month growth of 0.1 percent, while sales excluding autos had been projected to rise by 0.6 percent.

The decline in retail sales was led by motor vehicles and parts dealers, which fell by 2.4 percent. Food and beverage stores registered the second straight month of decline, edging down 0.2 percent. Meanwhile, building material and garden equipment sales recorded the largest gain, rising 2.2 percent, while sales at gasoline stations rose by 1.7 percent, reflecting higher gasoline prices.

USDCAD 1-minute Chart: April 24, 2012

Loonie_Tumbles_As_Canadian_February_Retail_Sales_Unexpectedly_Fall_body_Picture_2.png, Loonie Tumbles As Canadian February Retail Sales Unexpectedly Fall

Chart created using Strategy Trader – Prepared by Tzu-Wen Chen

The Canadian dollar tumbled against the U.S. dollar on the disappointing retail sales figures, falling 19 pips against the greenback in the first few minutes after data release. The loonie continued to lose ground, and at the time of this report, the USDCAD pair was trading at C$0.9918.

--- Written by Tzu-Wen Chen DailyFX Research

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

DISCLOSURES