A lack of top-tier Canadian reports subjected the Loonie to countercurrency price action last week. Will the tides change for the comdoll this week?
Here are potential catalysts you should watch out for:
Retail sales (Jan. 23, 2:30 pm GMT)
Higher motor vehicle and gasoline sales contributed the most to increased retail activity in October.
The bulls weren’t impressed, however, since both headline and retail sales missed estimates for the month. In fact, Loonie traders shrugged off higher crude oil prices at the time in favor of pricing in the lower retail sales reports.
This week, analysts see the headline retail sales dipping by 0.6% for the month of November. It doesn’t get better with the core figure which is expected to fall by 0.5% after coming in flat in October.
Word around is the recent postal strike might have dented on online shopping activity, but that brick-and-mortar stores have reported strong pre-holiday sales.
Oil price updates
Crude oil hit its 2019 highs earlier today when a report showed refinery activity in China – the world’s second-largest oil consumer – hit a new record last year.The report came after the OPEC had already boosted prices when it cut its output by more than analysts had expected.
Will the Loonie take cues from oil prices again this week?
Missed last week’s price action? Read CAD’s price recap for Jan. 14 – 18!