Canadian Dollar Advances After In Line Retail Sales Data
November 22 2019 - 4:30AM
RTTF2
The Canadian dollar strengthened against its major counterparts
in the European session on Friday, after a data showed that the
nation's retail sales data met forecasts for the month of
September.
Data from the Statistics Canada showed that retail sales fell
0.1 percent on a seasonally adjusted monthly basis after a revised
0.1 percent rise in August. The rate matched economist
estimates.
Core retail sales excluding motor vehicle and parts dealers rose
0.2 percent from August, when it fell a revised 0.1 percent. The
reading was forecast to fall by 0.3 percent.
Investors became optimistic about U.S.-China trade deal
following reports about an invitation from Beijing to top U.S.
officials for a fresh round of discussions.
According to a report in South China Morning Post, Chinese
President Xi Jinping said the country is working for an agreement
on the basis of 'mutual respect and equality' for phase one
agreement.
The loonie climbed to 3-day highs of 1.4652 against the euro and
1.3255 against the greenback, from its early lows of 1.4711 and
1.3291, respectively. The loonie is seen finding resistance around
1.44 against the euro and 1.30 against the greenback.
Reversing from early lows of 81.63 against the yen and 0.9028
against the aussie, the loonie strengthened to 3-day highs of 81.93
and 0.9003, respectively. The loonie is likely to find resistance
around 83.5 against the yen and 0.88 against the aussie.
Looking ahead, University of Michigan's consumer sentiment index
for November will be featured in the New York session.
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