US Dollar/Canadian Dollar retracted 165 pips from 2 months high and trades at 1.2321 .
Trading week in a glance - USD/CAD recovered back to 1.2321 after dipping down to 1.225 in a week that started at 1.2437. (Trade US Dollar/Canadian Dollar with FXTM now).
This downslide might be related to financial indicators data published earlier as Canada Core Retail Sales fall short of the -5% projections, with -7.2% and continued its downward trajectory from previous figure of 4.3%. United States GDP matches expectations with new data release of 6.4. This is also a step forward from the previous data of 4.3.
Nonetheless, encouraging indicators for US Dollar/Canadian Dollar published earlier when United States Initial Jobless Claims released earlier shows an improvement to 411,000 from the preceding data of 418,000, but falls short of the projected 380,000.
Meanwhile, Canada Manufacturing Sales (MoM) released today at 12:30 PM with a figure of one, this is better from previous number of -2.1. Canada Wholesale Sales (MoM) released today at 12:30 PM with a figure of 1.1, this is better from previous number of 0.4.
In the meantime negative performances are also seen in other symbols, Pound/Yen drops to 151.29, as it hits a 8 weeks low.
Positive performance however can be seen looking at other symbols as GBP/NZD climbs to a new 10 months high at 1.996.
Outlook for rest of the week: Market will keep its eye on the following upcoming macroeconomics indicators: Canada RMPI (MoM) (May) is expected Wednesday.