- Canada headline CPI grows by 0.3% vs. 0.1% growth estimates
- Canada core CPI inches 0.2% higher vs. 0.1% uptick expected
- Canada retail sales falls by 1.4% vs. 1.3% decline expected
- Canada core retail sales dips by 1.8% vs. 0.1% decline expected
- US existing home sales prints at at 4.62M vs. 4.67M estimates
The Greenback fell victim to end-of-week trading as it generally lost pips to its major counterparts. EUR/USD benefited from a Ukraine peace deal and ended the week above 1.3700 while GBP/USD held on to its 1.6600 support despite a weak retail sales reading. USD/JPY wasn’t spared as it got rejected around the 102.75 zone.
The only Greenback-related report printed was the U.S. existing home sales which came in a touch below expectations. The report caused a bit of risk aversion though, and helped the dollar stem its losses.
Unlike the dollar, the Loonie avoided losses from its counterparts. Canada’s weak retail sales should have weighed on the comdoll but the faster-than-expected rise in consumer prices suggested that the BOC won’t be cutting its rates anytime soon. Of course, it didn’t hurt that traders had prepared for a weak retail sales reading after the wholesale sales report popped up early in the week.
We don’t have tier 1 or 2 reports scheduled during the Asian session so you might want to keep your eyes peeled for news reports that could come out from China, Japan, or other comdoll-related economies.
Good luck and good trading!
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!