Canadian dollar ignores the move with retail sales looming
WTI crude hit a session high of $57.81. That's the best level since mid-November as the rebound from $42.36 in December continues.
Crude has risen in seven of the past eight days as optimism picks up around a US-China trade deal. Technically, the 50% retracement of the Oct-Dec drop at $59.63 is an attractive target.
In the shorter-term, the Canadian dollar is worth watching. Normally it would be getting a tailwind from oil but the December Canadian retail sales report is due at the bottom of the hour and that's restraining market moves. If it can match estimates (-0.3%) and the details are solid then expect a bit of catch-up in the loonie.
