Home Analysis Canadian dollar rallied on better-than-expected retail sales data

Canadian dollar rallied on better-than-expected retail sales data

Canadian dollar rallied on better-than-expected retail sales data - forexspacex.com

According to the official data report from Statistics Canada, Retail sales increased 0.7% to $61.8 billion in August. A total of 6 subsectors saw increased sales Including food and beverage stores as well as motor vehicles and spare part dealers. The core retail sales also increased by 0.9%. Consequently, the Canadian dollar gained nearly 1.7% against the US dollar by the end of the week. The bulls succeeded in capitalizing on the strong economic data. A modest correction in U.S. Treasury yields also acted as a tailwind for CAD.

Important pivots to consider in the daily timeframe

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