The Bank of Canada May Push the CAD
The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time.
Retail sales are moving this week
Canada will publish the monthly retail sales and core retail sales on November 20 at 15:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD
The indicator of retail sales shows the change in the total value of sales at the retail level. The core version of this indicator is almost the same but without automobile sales. Last time, both indicators were not so encouraging. While the headline indicator increased by 0.4% (vs. +1% expected), the core one rose only by 0.5% (vs. the forecast of +0.9%). The Canadian dollar weakened after the release.
- If the indicators are higher than the forecasts, the CAD will go up;
- If the indicators are lower than the forecasts, the USD will go down.
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