Gold rose, USD/CAD and USD/JPY dropped
What's moving markets on April 22? Read the report to know!
CAD is in focus
Follow Canadian core retail sales on September 18 at 15:30 MT time!
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
To begin with, there are two types of reports. The first type is core retail sales, which exclude automobiles. The second one is retail sales without a "core" prefix, which includes everything. Automobile sales usually make up nearly 20% of the total value of retail sales, but they are quite volatile and may misrepresent the trend. Therefore, the core report is a better measurement of consumer spending. The last report showed a growth of 15.7% in June and marked the largest increase in retail sales for the whole history of recordings. That sharp leap was caused by the reopening of most businesses after the lockdown in Canada. Consumers, who were waiting for such a long time, started spending more than ever. This report will definitely add some fresh volatility to the loonie. The Canadian dollar depreciated sharply when the coronavirus started, but then it almost recovered all its losses. Now it’s trading at the levels of late January. Watch out the report and remember the following.
- If retail sales are better than the forecasts, the CAD will rise.
- Otherwise – fall.
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