We’re also getting the Core Retail Sales release from Canada, let’s look at the forecast for this news:
8:30am NY Time Core Retail Sales Forecast 0.0% Previous 1.7%
ACTION: USD/CAD BUY -0.6% SELL 0.6%
We’ll be focusing on the Core Retail Sales release and not the headline Retail Sales release; Retail Sales releases from Canada is a month on month release, and basically it’s a measurement of the activities at the retail level of Canada, and the Core release is the same Retail Sales but excluding most volatile components, Automotive Components, which makes up about 25% and it varies seasonly. A better release generally means more consumer spending, which leads to better economy, thus better for its currency. And the CORE reading provides a far more accurate look of the actual economy.
I’m going to be looking for a deviation of 0.6% for this news. Since the forecast is flat or at 0.0%, if we get a -0.6% 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 0.6% of actual release, I’ll be looking to SELL USD/CAD.
Market condition of this week is characterized by some limited consolidation of the USD from the last couple of weeks of losses, with focus once again on minor risk aversion from European debt crisis. Should we get a worse than expected number, USD/CAD may rise above the 1.0310, which is the immediate resistance.
Related posts:
- Trading Plan For UK Retail Sales 06/17/10
- Forex News Trading Plan For NZ Retail Sales 01/20/11
- Forex Trade Plan For NZ Retail Sales m/m 07/13/10
- Forex Trading Plan For UK Retail Sales 04/22/10
- Forex Trade Plan NZ Retail Sales 09/13/10
- Forex Trade Plan For NZ Retail Sales 08/12/10
- Forex News Trading Plan For UK Retail Sales m/m 11/18/10
- Trade Plan For UK Retail Sales 05/20/10
- US Core Retail Sales m/m 11/16/09
- US Core Retail Sales m/m 10/14/09
