CANADIAN DOLLAR BACKSLIDES FURTHER DESPITE BETTER THAN EXPECTED RETAIL SALES ON FRIDAY
- The Canadian Dollar gives up further ground to the Greenback.
- Canada Retail Sales ease from previous figures but less than expected.
- Next week: Canada & US GDP figures to drive USD/CAD.
The Canadian Dollar (CAD) shed further weight against the US Dollar (USD) on Friday as market participants readjust their Greenback exposure in quiet Friday trading. Investors have pared back nearly all of the gains made during the midweek splurge sparked by rate cut bet hopes after the Federal Reserve (Fed) nodded toward higher odds of rate cuts to come.
Canada revealed a slight slide in Retail Sales figures in January. Fed Chairman Jerome Powell made few waves during his first public appearance since Wednesday’s Federal Open Market Committee (FOMC) press conference. Next week, Gross Domestic Product (GDP) figures from Canada and the US are expected but not until Thursday.
Canadian economic calendar events remain thin on the data docket until then, and next week will close out with another print of the Fed’s preferred inflation gauge, the Personal Consumption Expenditure (PCE) Price Index on Friday.
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