8:30am (NY Time) CA Core Retail Sales m/m Forecast 0.5% Previous-0.8%
ACTION: USD/CAD BUY -0.1% SELL 1.1%
We’ll trade the Core Retail Sales release from Canada, not the headline release, which has a consensus expectation of 0.6% instead of the 0.5%. Core Retail Sales release is 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 on the Retail sales number means more consumption, which leads to better economy, thus better for its currency. And of course the CORE reading provides a more accurate look of the actual economy.
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