- Analytics
- News and Tools
- Market News
- USD/CAD: Upbeat Canadian Retail Sales to lift the Loonie, but gains could be short-lived – Scotiabank
USD/CAD: Upbeat Canadian Retail Sales to lift the Loonie, but gains could be short-lived – Scotiabank
USD/CAD is little changed ahead of what should be positive Retail Sales data. However, gains following the figures could be short-lived, according to economists at Scotiabank.
Clear push under 1.3620 should see USD/CAD dip to the 1.3540 zone
“The advance estimate for Canadian Retail Sales suggests a solid 1.5% increase in the Nov month. Not that the CAD will likely react to positive economic news. Positive data should give the CAD a lift but gains may be minor and/or short-lived.”
“Technically, after repeated failures around 1.37, the USD edging below 1.3620 (the low point of the past week’s range and a double/triple top trigger) today should have produced more downside pressure on USD/CAD. That may still develop but the market seems reluctant to bring negative pressure to bear on the USD.”
“A clear push under 1.3620 should see USD/CAD dip to the 1.3540 zone in the next few days.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
