Canadian Dollar Drops On Downbeat Retail Sales Data

Date : 12/20/2019 @ 9:28AM
Source : RTTF2
Stock : United States Dollar vs Canadian Dollar (USDCAD)
Quote : 1.34444  0.00577 (0.43%) @ 3:40AM
US Dollar vs CAD share price Chart

Canadian Dollar Drops On Downbeat Retail Sales Data

US Dollar vs CAD (FX:USDCAD)
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3 Months : From Nov 2019 to Feb 2020

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The Canadian dollar depreciated against its major counterparts in the European session on Friday, as a data showed that the nation's retail sales fell unexpectedly in October.

Data from Statistics Canada showed that retail sales fell sharply in October, driven by lower sales at motor vehicle and parts dealers and at building material and garden equipment and supplies dealers.

Retail sales declined 1.2 percent in October, following a decline of 0.1 percent in the previous month. Economists had expected a 0.5 percent rise.

Core retail sales, excluding motor vehicle and parts dealers, declined 0.5 percent, in contrast to forecasts for a 0.3 percent increase.

This follows a 0.1 percent drop in September.

The loonie declined against its most major counterparts in the previous session on falling oil prices.

The loonie depreciated to a 3-day low of 1.3181 against the greenback, from a high of 1.3119 seen at 5:00 pm ET. The next possible support for the loonie is seen around the 1.33 level.

After rising to 0.9030 against the aussie at 5:00 pm ET, the loonie reversed direction, touching a 1-week low of 0.9085. If the loonie slides further, it may find support around the 0.92 level.

The loonie declined to a 4-day low of 82.93 against the yen, after having climbed to 83.36 at 7:00 pm ET. The loonie is seen locating support around the 80.00 level.

Data from the Ministry of Internal Affairs showed that Japan's consumer price inflation accelerated in November after the sales tax hike but remained well below the central bank target.

Core inflation that excludes fresh food rose to 0.5 percent in November from 0.4 percent in October. The rate came in line with expectations.

The loonie weakened to 1.4615 against the euro, following a decline to 1.4568 at 6:15 am ET. On the downside, 1.48 is possibly found as the next support level for the loonie.

Data from the European Central Bank showed that the euro area current account surplus increased in October driven by trade surplus and primary income.

The current account surplus advanced to EUR 32 billion from EUR 28 billion in the previous month.

Looking ahead, U.S. personal income and spending data for November and University of Michigan's final consumer sentiment index for December will be featured at 10.00 am ET.

At the same time, European Commission is slated to issue Eurozone flash consumer confidence survey results for December.

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