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Loonie Shows Mixed Performance Despite Strong Retail Sales

April 18, 2019 at 21:21 by Vladimir Vyun

All the Canadian dollar bills denominationsThe Canadian dollar showed mixed performance today despite favorable retail sales data. The explanation for this could be strength of its rivals as well as the decline of crude oil prices.

Statistics Canada reported that retail sales rose 0.8% in February from the previous month on a seasonally adjusted basis following three consecutive monthly declines. Analysts had predicted a smaller increase by 0.4%. Core retail sales (sales excluding important but volatile components, specifically motor vehicle and parts dealers) were up 0.6%, also beating expectations of a 0.2% increase.

Automatic Data Processing reported that Canadian employment increased by 13,200 jobs in March. The February reading got a huge negative revision from an increase by 36,200 to a drop by 21,200.

USD/CAD rose from 1.3338 to 1.3372 as of 21:07 GMT today. EUR/CAD declined from 1.5068 to 1.5014. CAD/JPY dropped from 83.99 to 83.67. CAD/CHF was up from 0.7575 to 0.7586.

If you have any questions, comments, or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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