November Canadian retail sales up next
USD/CAD is down 25 pips today to 1.2321 but had fallen as low as 1.2293 earlier in the day as the US dollar wilted.
Most moves in FX at the moment are driven by US dollar softness but the CAD side of the equation will take over in a few minutes with the release of retail sales.
The bad news is that this data is from way back in November. Still, it's all we've got and the BOC has shown it's a slave to the numbers so it will be a market mover.
The consensus on the headline is +0.8% after a 1.5% rise in October. For ex-autos, the consensus is +0.9% with estimates ranging from +0.4% to +1.4%.
