
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
Canada will publish Retail Sales and Core Retail Sales on June 21 at 15:30 GMT+3. The indicator represents the change in the total value of sales at the retail level. Apart from the headline Retail Sales, the Core indicator does not include automobile sales due to their volatility.
Economists track the differences in releases of Retail Sales and Core Retail Sales month-by-month, as it helps to see the level of consumer spending. If the indicators rise, consumers spend more, economic activity expands, and inflation increases. As a result, the central bank starts considering monetary policy tightening. This is a bullish signal for the currency.
Last time, the data was mixed. The headline indicator did not show any changes (0% vs. 1.5% expected), while Core Retail Sales increased by 2.4% (vs. the forecast of 2.2%). You can see the candlestick with the small body on the chart of USDCAD after the release. The figures from Canada were overshadowed by the weak US preliminary GDP, which fell 1.5% vs. the forecast of -1.3%. As a result, the Canadian dollar strengthened after the statistics were published. If you traded one lot of USDCAD on May 26, you could have earned more than $400.
Wait for the actual figures to appear in the economic calendar and compare them with the forecasted ones.
Instruments to trade: USDCAD, CADJPY, CADCHF
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
We prepared an outlook of major events of this week. Check it and be ready!
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!