USD/CAD: waiting for CPI
USD/CAD is trading around the 6-week high of $1.0567 ahead of Canada inflation data. Figures are expected to show that consumer prices to have edged up marginally in July.
Loonie fell to its lowest level in six weeks as a report yesterday showed retail sales shrank more than forecast in June, adding to signs of economic slowdown in Canada.
GMP Securities (NY): The retail sales are just icing on the cake for the loonie.The retail-sales number along with the Ivey and jobs data and wholesale sales figures suggest the Canadian economy faces headwinds, not unlike other developed-market economies, so that is going to be somewhat weighing on the loonie.
Chart. Daily USD/CAD