EUR is on fire, while USD touches dips
A lot of news came out that may impact the market. It’s surely not the time to rely only on technical analysis!
CAD is in focus
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
Instruments to trade: USD/CAD, AUD/CAD, CAD/JPY
The Canadian retail sales will increase volatility for the pairs above. If you look at the economic calendar, you will notice that there are two types of retail sales. Core retail sales tend to be more significant as they exclude automobile sales, which distort the underlying trend. Whereas retail sales reveal the total value of sales. The last report came out worse than expected – sales contracted by 0.4%, while analysts forecasted a 0.5% increase. Overall, the Canadian economy has managed to rebound after the enormous downfall with sales in June and July surpassing pre-pandemic levels.
- If Canadian retail sales are higher than the forecasts, the CAD will go up.
- If sales are lower than expected, the CAD will go down.
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