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Forex News: Canadian Dollar Higher After Strong Retail Sales

Canadian Dollar Higher After Strong Retail Sales

09/21/2018 - 09:34:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in the European session on Friday, as nation's retail sales grew in July following a fall last month, driven by higher sales at food and beverage stores and gasoline stations.

Data from Statistics Canada showed that retail sales rose 0.3 percent on a seasonally adjusted monthly basis.

The rate matched expectations. It dropped 0.2 percent on month in June.

Core retail sales increased 0.9 percent, beating expectations of 0.6 percent.

This follows a 0.1 percent slide last month.

Separate data showed that consumer inflation edged up 0.1 percent on a seasonally adjusted monthly basis in August.

This follows a 0.5 percent gain in July and contradicted a 0.1 percent fall expected by economists.

Core CPI rose 0.1 percent in August, from a revised 0.5 percent increase seen in July.

The currency held steady against its major counterparts in the Asian session, with the exception of the yen.

The loonie advanced to 1.5155 against the euro, from a 3-day low of 1.5226 hit at 4:45 am ET. The loonie is poised to find resistance around the 1.49 mark.

Survey data from IHS Markit showed that Eurozone private sector grew at the second-weakest rate since late-2016 on subdued manufacturing activity growth in September.

The composite output index fell to 54.2 in September from 54.5 in August. The score was forecast to remain unchanged at 54.5.

The loonie, having dropped to a 2-day low of 0.9423 against the aussie at 4:45 am ET, reversed direction and climbed to 0.9384. On the upside, 0.92 is possibly seen as the next resistance level for the loonie.

The loonie spiked up to 1.2886 against the greenback, coming off from a low of 1.2927 hit at 8:15 am ET. The loonie is seen finding resistance around the 1.27 level.

The loonie rose back to 87.43 against the yen, heading to pierce a 7-1/2-month peak of 87.45 seen at 3:00 am ET. Next key resistance for the loonie is seen around the 89.00 region.

Figures from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity remained stable in July.

The all industry activity index remained flat on month, following a 0.9 percent fall in June. Economists had forecast a marginal 0.1 percent rise.

Looking ahead, Markit's U.S. manufacturing PMI for September is set for release shortly.

For comments and feedback: contact editorial@rttnews.com

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