USD/CAD hit 1.0500 for the first time since July 10 in the minutes before the report:
- Prior reading revised to +1.8% from 1.9%
- Ex-autos -0.8% vs 0.0% exp
- Prior ex-autos revised lower to 1.1% from 1.2%
That’s a terrible read on ex-autos and the revisions are all in the wrong direction. The Canadian dollar is surprisingly resilient. There is chatter about offers at 1.0520 with stops above.
Taking a closer look at the details, the weakness is broad-based with a lone increase in health/personal care stores. The declines in building materials (-1.9%) and furniture & home furnishings (-1.6%) is negative news for the housing market.