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Canadian Dollar Hits Fresh July High versus USD After Strong Sales Report

Canadian Dollar Hits Fresh July High versus USD After Strong Sales Report

Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: CAD Retail Sales (MAY) > +1.9% versus +0.4% expected, from +0.2% (revised higher from +0.1%) (m/m) > USDCAD BEARISH

The Canadian Dollar has emerged as the top performer on the day after the May Canadian Retail Sales report not only easily topped expectations, but posted its best reading since November 2010 (+1.8%). The +1.9% uptick for the May report underscores a solid uptick in Canadian growth prospects in the 2Q’13, and reaffirms the multiyear sentiment of the Bank of Canada that the next change in monetary policy will be of the tightening variety, probably in mid- to late-2014.

USDCAD 1-minute Chart: July 23, 2013

Canadian_Dollar_Hits_Fresh_July_High_versus_USD_After_Strong_Sales_Report_body_x0000_i1027.png, Canadian Dollar Hits Fresh July High versus USD After Strong Sales Report

Charts Created using Marketscopeprepared by Christopher Vecchio

Following the report, the USDCAD slid quickly from C$1.0332 to as low as 1.0298 within 10-minutes of the release. However, at the time this report was written, the USDCAD had recovered to 1.0312, amid a broader unwind of the North American currencies versus their European counterparts. The EURCAD, after having fallen from C$1.3622 to as low as 1.3582, had recovered to 1.3600, at the time this report was written.

--- Written by Christopher Vecchio, Currency Analyst

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