FOREX TradingCharts.com

Forex News: Canadian Dollar Drops As Retail Sales Fall Unexpectedly

Canadian Dollar Drops As Retail Sales Fall Unexpectedly

04/24/2024 - 13:06:00 (RTTNews)

(RTTNews) - The Canadian dollar moved down against its major counterparts in the New York session on Wednesday, following the release of weak retail sales data for February.

Data from Statistics Canada showed that retail sales fell 0.1 percent in February following a 0.3 percent drop in the previous month. Economists had expected retail sales to rise to 0.1 percent.

Core retail sales, excluding motor vehicle and parts dealers, declined 0.3 percent, after a revised 0.4 percent rise in January. Core retail sales were expected to stagnate in the month.

Traders await more economic data this week, including the release of first-quarter U.S. GDP data as well as the core personal-consumption expenditures (PCE) price index, which is the Fed's preferred measure of inflation.

The economic data is expected to influence the timing of rate cuts by the Fed.

The loonie dropped to a 5-day low of 1.4670 against the euro and a 2-day low of 1.3728 against the greenback, from an early high of 1.4609 and a 2-week high of 1.3654, respectively. The loonie is seen finding support around 1.48 against the euro and 1.39 against the greenback.

The loonie weakened to a 9-day low of 0.8918 against the aussie and a 2-day low of 112.84 against the yen, from an early high of 0.8853 and a multi-year high of 113.37, respectively. The loonie may locate support around 0.92 against the aussie and 108.00 against the yen.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


U.S. Dollar Advances Amid Solid PMI Data (04 hr(s), 29 min(s), 04 sec(s) ago)
(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Thur ...Full Story»

Euro Rises On Strong Eurozone PMI Data (09 hr(s), 05 min(s), 04 sec(s) ago)
(RTTNews) - The euro strengthened against other major currencies in the European session on Thursd ...Full Story»

Euro Rises Against Majors (11 hr(s), 29 min(s), 03 sec(s) ago)
(RTTNews) - The euro strengthened against other major currencies in the European session on Thursd ...Full Story»

NZ Dollar Rises Against Majors (14 hr(s), 44 min(s), 04 sec(s) ago)
(RTTNews) - The New Zealand dollar strengthened against other major currencies in the Asian sessio ...Full Story»

U.S. Dollar Appreciates Ahead Of Fed Minutes (03 hr(s), 56 min(s), 03 sec(s) ago)
(RTTNews) - The U.S. dollar was higher against its major counterparts in the New York session on W ...Full Story»

Amended: NZ Dollar Surges As RBNZ Signals Delay In Rate Cuts (12 hr(s), 38 min(s), 03 sec(s) ago)
(RTTNews) - Corrects introductory paragraph The New Zealand dollar strengthened against other ...Full Story»

Pound Rises As U.K. Inflation Slows Less-than-expected (13 hr(s), 41 min(s), 04 sec(s) ago)
(RTTNews) - The British pound strengthened against other major currencies in the pre-European sess ...Full Story»

Pound Rises Against Majors (14 hr(s), 02 min(s), 03 sec(s) ago)
(RTTNews) - The British pound strengthened against other major currencies in the pre-European sess ...Full Story»

Search

FOREX NEWS

U.S. Dollar Advances Amid Solid PMI Data

05/23/2024 - 12:36 PM (RTTNews)
(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Thur ...Full Story>>

Euro Rises On Strong Eurozone PMI Data

05/23/2024 - 08:00 AM (RTTNews)
(RTTNews) - The euro strengthened against other major currencies in the European session on Thursd ...Full Story>>

Euro Rises Against Majors

05/23/2024 - 05:38 AM (RTTNews)
(RTTNews) - The euro strengthened against other major currencies in the European session on Thursd ...Full Story>>

NZ Dollar Rises Against Majors

05/23/2024 - 02:23 AM (RTTNews)
(RTTNews) - The New Zealand dollar strengthened against other major currencies in the Asian sessio ...Full Story>>

U.S. Dollar Appreciates Ahead Of Fed Minutes

05/22/2024 - 13:11 PM (RTTNews)
(RTTNews) - The U.S. dollar was higher against its major counterparts in the New York session on W ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.