FOREX TradingCharts.com

Forex News: Canadian Dollar Weakens After Core Retail Sales Fall

Canadian Dollar Weakens After Core Retail Sales Fall Unexpectedly

05/19/2017 - 09:45:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against its major counterparts in the European session on Friday, after data showed that the nation's consumer price inflation matched forecasts, while core retail sales fell unexpectedly.

Data from Statistics Canada showed that the consumer price index rose a seasonally adjusted 0.5 percent on month in April, matching expectations.

This follows a 0.2 percent drop in March.

Core inflation, excluding food and energy, ticked up 0.1 percent month-on-month in April, after a 0.1 percent decline a month ago.

Separate data showed that Canadian retail sales rose 0.7 percent on a monthly basis in March, surpassing forecasts for a 0.3 percent uptick. The February reading was revised to a 0.4 percent fall, whose reading was previously reported as 0.6 percent decline.

Core retail sales fell 0.2 percent month-over-month in March, slightly steeper than previous month's 0.1 percent slide. Economists were looking for a gain of 0.2 percent.

The currency was higher before the release of data, buoyed by higher oil prices. Oil prices rallied on optimism that oil producing nations will agree on an extension of output deal at a meeting next week.

The loonie spiked up against its major rivals in the Asian session.

The loonie fell to 81.74 against the yen, from a 2-day high of 82.33 hit at 4:45 am ET. The loonie-yen pair is likely to find support around the 80.00 area.

The loonie, having advanced to a 2-day high of 1.0077 against the aussie at 9:00 pm ET, reversed direction and edged down to 1.0135. The loonie is seen finding support around the 1.02 level.

The loonie weakened to 1.5204 against the European currency, off its previous 2-day high of 1.5089. Continuation of the loonie's downtrend may see it challenging support around the 1.53 mark.

Figures from the European Central Bank showed that the euro area current account surplus declined in March largely due to widening shortfall on secondary income.

The current account surplus fell to a seasonally adjusted EUR 34.1 billion in March from a record EUR 37.8 billion in February.

Following a 3-week high of 1.3554 hit at 8:15 am ET against the greenback, the loonie eased off to 1.3598 after the data. If the loonie extends fall, 1.37 is likely seen as its next support level. Looking ahead, Eurozone preliminary consumer sentiment index for May is due shortly.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Drops Against Euro After Comments From Mario Draghi (44 min(s), 58 sec(s) ago)
(RTTNews) - The dollar is losing ground against its major European rivals Tuesday afternoon, but i ...Full Story»

Dollar Ticks Up Vs Most Majors After U.S. Consumer Confidence Index (04 hr(s), 53 min(s), 58 sec(s) ago)
(RTTNews) - The Conference Board's Consumer Confidence data for June has been published at 10. ...Full Story»

Canadian Dollar Rises As Oil Prices Advance (04 hr(s), 59 min(s), 58 sec(s) ago)
(RTTNews) - The Canadian dollar climbed against its most major counterparts in the early New York ...Full Story»

Dollar Falls Vs Most Majors Ahead Of U.S. Consumer Confidence Index (05 hr(s), 08 min(s), 58 sec(s) ago)
(RTTNews) - The Conference Board's Consumer Confidence data for June will be published at 10.0 ...Full Story»

U.S. Dollar Falls Ahead Of Yellen's Speech (08 hr(s), 26 min(s), 58 sec(s) ago)
(RTTNews) - The U.S. dollar slipped against its major opponents in early European deals on Tuesday ...Full Story»

Euro Rises On ECB Draghi's Speech (08 hr(s), 47 min(s), 58 sec(s) ago)
(RTTNews) - The euro strengthened against other major currencies in the early European session on ...Full Story»

Euro Rises Against Other Majors (09 hr(s), 50 min(s), 58 sec(s) ago)
(RTTNews) - The euro strengthened against other major currencies in the early European session on ...Full Story»

U.S. Dollar Declines Against Majors (10 hr(s), 02 min(s), 58 sec(s) ago)
(RTTNews) - The U.S. dollar dropped against its major opponents in early European deals on Tuesday ...Full Story»

Search

FOREX NEWS

Dollar Drops Against Euro After Comments From Mario Draghi

06/27/2017 - 14:18 PM (RTTNews)
(RTTNews) - The dollar is losing ground against its major European rivals Tuesday afternoon, but i ...Full Story>>

Dollar Ticks Up Vs Most Majors After U.S. Consumer Confidence Index

06/27/2017 - 10:09 AM (RTTNews)
(RTTNews) - The Conference Board's Consumer Confidence data for June has been published at 10. ...Full Story>>

Canadian Dollar Rises As Oil Prices Advance

06/27/2017 - 10:05 AM (RTTNews)
(RTTNews) - The Canadian dollar climbed against its most major counterparts in the early New York ...Full Story>>

Dollar Falls Vs Most Majors Ahead Of U.S. Consumer Confidence Index

06/27/2017 - 09:55 AM (RTTNews)
(RTTNews) - The Conference Board's Consumer Confidence data for June will be published at 10.0 ...Full Story>>

U.S. Dollar Falls Ahead Of Yellen's Speech

06/27/2017 - 06:38 AM (RTTNews)
(RTTNews) - The U.S. dollar slipped against its major opponents in early European deals on Tuesday ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.