The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Retail sales report may push CAD down
The Canadian core retail sales will be announced on Tuesday at 15:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, CAD/CHF
This indicator reveals the change in the total value of sales at the retail level, excluding automobiles. Why without auto sales? They are volatile and can misrepresent the trend. The core retail sales report is a more relevant measure of the spending dynamic.
We must say that Canada as one of the world’s largest oil exporters has been already under pressure because of extremely low oil price these days. In addition, investors are now more cautious and risk-averse. As a result, safe-haven currencies are more favorable, leaving aside the Canadian dollar.
Anyway, after the release of the retail sales’ data we should be ready to catch the market momentum and react immediately. Pay attention to the CAD/JPY pair as it’s really sensitive to the market changes and you could gain from it in a short term.
If the indicator is greater than expected, it will push the Canadian dollar up, otherwise – down.
What will happen? Canadian m/m GDP will be announced at 15:30 MT (GMT+3) on Thursday, September 30…
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The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).