Canadian retail sales rebound in January; +1.9%

January retail sales rebounded nicely in Canada, rising 1.9% after a 5.2% decline in December. Since January, joblessness has grown further in Canada so there is a good deal of doubt that the rebound can be sustained.

USD/CAD is lower in a very choppy range, now at 1.2350. USD/CAD reached a low of 1.2289 on real-money buying of CAD out of US custody banks in London.