After ending yesterday at 1.2748, US Dollar/Canadian Dollar shifts up to 1.2748 (down 12,748 pips) .
Trading week at a glance - USD/CAD is up to 1.2748, after closing yesterday at zero. Overall, a 0% move or 12,748 pips this week. (Start trading US Dollar/Canadian Dollar at FXTM today).
This move comes while some more positive signs for US Dollar/Canadian Dollar are out as Canada Core Retail Sales (MoM) (Mar) beats expectations of two with new data release of 2.4. This is also a step forward from the previous data of 1.8. United States Pending Home Sales (MoM) (Apr) published yesterday at 2:00 PM came out at -3.9, falling short of the -2 projections and continuing its decline from the previous -1.6 figure. GDP (QoQ) (Q1) in United States fell short of the -1.3 projection with -1.5 and continued its downward trajectory from previous figure of -1.4. Initial Jobless Claims in United States fell short of the 215,000 projection with 210,000 and continued its downward trajectory from previous figure of 218,000.
At the same time, following a previous reading of 0.2, Retail Sales (MoM) (Mar) in Canada released yesterday at 12:30 PM fell short of the 1.4 figure expected by analysts with an actual reading of zero.
Outlook for rest of the week: The market is looking forward to the release of new data: Canada BoC Interest Rate Decision is projected to outperform its last figure with 1.5. It previously stood at one, and data will be released Wednesday. Canada GDP (MoM) (Mar) is expected to come out at 0.8 when it's released Tuesday, this is a decline from the preceding data which was 1.1. Canada GDP Annualized (QoQ) (Q1) is scheduled for Tuesday.