8:30am NY Time Canada Core Retail Sales Forecast 0.3% Previous 0.2%
ACTION: USD/CAD BUY -0.3% SELL 0.9%
We’ll be focusing on Core Retail Sales release from Canada and not the headline release; the core release as a forecast expectation of 0.3% with a previous release at 0.2%. Core Retail Sales release is a month on month release, and it’s a measurement of the activities at the retail level of Canada, excluding most volatile Automobile Sales Components, which makes up about 25% of Retail Sales headline number. A better release means more consumer spending, which leads to better economy, thus better for its currency. And of course the CORE reading provides a far more accurate look of the actual economy as the automotive component could fluctuate per season.
I’m going to be looking for a minimum deviation (or surprise factor) of 0.6% for this release. Therefore if we get a -0.3% or worse, it would be negative for the CAD and we’ll be looking to BUY USD/CAD; however, if the opposite is true, or a 0.9% of actual release, I’ll be looking to SELL USD/CAD. One interesting observation on the CAD lately is that this pair has been very range bound and we are practically sitting on the top of the range. We could see a reversal back down to the 1.0200 level should the market consolidates.
I’ll be posting my live trade video back in the blog as soon as I can.
Related posts:
- US Core Retail Sales m/m 11/16/09
- US Core Retail Sales m/m 10/14/09
- US Core Retail Sales m/m 12/11/09
- UK Retail Sales m/m 10/22/09
- Forex Trade Plan For NZ Retail Sales m/m 07/13/10
- US Core Retail Sales m/m 09/15/09
- UK Retail Sales m/m 02/19/2010
- UK Retail Sales m/m 01/22/10
- Forex Trade Plan For NZ Retail Sales 08/12/10
- Forex Trade Plan NZ Retail Sales 09/13/10
