The Canadian Dollar is broadly mixed on the day but slides against US Dollar.
Bank of Canada Business Outlook Survey shows further declines in sentiment.
Canada CPI inflation is due out Tuesday.
The Canadian Dollar (CAD) is mixed against its major currency peers on Monday but shed weight against the US Dollar (USD) with market volumes thinned out by a US market holiday.
Canada Wholesale & Manufacturing Sales data beat expectations but is still recovering from recent slumps. The Bank of Canada’s (BoC) Business Outlook Survey also showed that business sentiment soured at an accelerated pace in the fourth quarter of 2023, and investors will look ahead to Tuesday’s Canadian Consumer Price Index (CPI) inflation, which is expected to tick slightly higher YoY.
Daily digest market movers: Canadian Dollar softens against Greenback to kick off new trading week
Market volumes are notably thin with US markets off for the Federal holiday on Monday.
Canada Wholesale Sales in November beat expectations to print at a three-month high of 0.9%, beating the market forecast of 0.8% and recovering from the previous month’s -0.3% (revised upward from -0.5%).
Canada Manufacturing Sales rebounded more than expected, printing at a four-month high of 1.2% in November compared to the forecast for 1.0%, but still well back from October’s -2.9% contraction (revised down slightly from -2.8%).
The BoC’s latest Business Outlook Survey showed firms’ outlooks have broadly swung to concerns about declining sales volumes and ongoing price pressures with higher interest rates cited as a major roadblock to continued investment.
US markets are dark on Monday in observation of Martin Luther King Day.
NA market session sees trading volumes draw tight.
CAD traders will be looking forward to Tuesday’s Canada CPI print, forecast to tick higher from 3.1% to 3.3% on an annualized basis.
MoM Canada CPI is expected to decline MoM, with December’s CPI forecast to print at -0.3% versus the previous month’s 0.1%.
Canada CPI Preview: Forecasts from five major banks
US Retail Sales figures due Wednesday, expected to show limited growth in December
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