Follow Canadian core retail sales on September 18 at 15:30 MT time!
Inflation data is the most important indicator that affects the central bank’s monetary policy. The bank decides whether to raise the interest rate or not by considering inflation figures. CPI is the most important inflation-related indicator. As a result, it’s obvious that traders pay great attention to it. CPI data will be out on July 20 at 15:30 MT time.
The CAD strongly needs support of positive economic data. It is highly correlated with oil prices. As soon as oil benchmarks appreciate, the Canadian dollar gets a boost and vice versa. Up to now, the oil market has been highly volatile. It had been affecting the Canadian currency as well. As a result, the CAD needs support of economic indicators to stabilize.
• If the data is greater than the forecast, the CAD will rise.
• If the data is weaker than the forecast, the CAD will go down.
The Bank of Canada will publish a rate statement and an update on the interest rate on September 9, at 17:00 MT time.
Canada will announce the Canadian retail sales and core retail sales on August 21, at 15:30 MT time
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The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.