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CAD Weakens after poor retail sales numbers

Posted on: October 21, 2016

Quite the price action in EURUSD yesterday, as after the ECB decision came out the EUR strengthened to 1.1040 before rocketing lower to 1.0960 and has continued to drift lower since. Draghi stated that a sudden end to QE is not on the horizon and no tapering was discussed at the latest meeting, which was all the market needed to test lower toward March lows.

This morning Canadian Retail Sales missed expectations (-0.1% compared to 0.3% expected) while CPI came in right around expectations. This has CAD weakening, breaking through the previous high of 1.3313 which could open up another test of the 1.35 area and cause the BoC to consider more stimulus.

Have a good weekend!

  • Previous Day’s NA Range 1.3112 – 1.3233
  • Asia Overnight Range 1.3226 – 1.3251
  • London Overnight Range 1.3228 – 1.3336


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