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Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
Major Event Alert: Canadian Retail Sales
What will happen?
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3). These indicators represent a change in the total value of sales at the retail level.
Why is it important?
The indicators measure the level of consumer spending that accounts for the majority of overall economic activity. Based on these figures the central bank decides whether the economy is expanding fast enough to raise the interest rate.
During the previous release, both retail sales and core retail sales declined. However, their declines were smaller than analysts expected: -0.6% for retail sales and -1% for core retail sales. As a result, the Canadian dollar gained strength.
How to trade on the Canadian Retail Sales?
Follow the economic calendar and compare the actual figures with the consensus given.
- If the sales are higher than the forecasts, the CAD will rise;
- If the situation is different, the CAD will fall.
Instruments to trade: USD/CAD, EUR/CAD, CAD/JPY
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