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live commentary Post
USD/CAD jumps to near 1.3750 as Canadian Retail Sales contracts sharply
By TradeRadius | Fri, 19 Jul 2024 13:41:26 UTC
The USD/CAD pair climbs to near 1.3750 in Friday’s American session. The Loonie asset strengthens as weak Canadian Retail Sales for May add to triggers pointing to subsequent rate cuts by the Bank of Canada (BoC), and the US Dollar (USD) strengthens on expectations that Donald Trump will win the United States (US) presidential elections.
Statistics Canada showed that monthly Retail Sales contracted at a faster pace by 0.8% than estimates of 0.6%. Receipts at retail stores grew by 0.6% in April, downwardly revised from 0.7%. Retail Sales, excluding automobiles, declined sharply by 1.3% from expectations of a 0.5% cut, suggesting poor demand for core goods.
Canadian Retail Sales, a key measure to consumer spendings, indicate that households struggle to bear the consequences of BoC’s higher interest rate. This would open doors for further policy easing, which is an unfavorable scenario for the Canadian Dollar.
Meanwhile, more upside in the US Dollar has also improved the Loonie’s appeal. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, jumps higher to near 104.40. 10-year US Treasury yields rise to 4.24%.
In Friday’s session, investors will focus on the speeches from Federal Reserve (Fed) policymakers: New York Fed Bank President John Williams and Atlanta Fed Bank President Raphael Bostic are lined-up for speech. Investors will focus on cues about when the Fed will start cutting interest rates.
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