Canadian retail sales dropped 0.5% m/m, worse than a rise of 0.2% expected. Core sales also missed with a larger than expected drop of 0.5%. On the other hand, core CPI rose 0.3% m/m and 2.1% y/y, while headline CPI came out as expected with 0.1% m/m and 1% y/y.
USD/CAD is slightly higher after the publication, with both figures almost totally offsetting each other.
Canada published retail sales and inflation figures, and this time, without any US data to distract the attention. Core CPI y/y was expected to rise by 2% in October after 2.1% in September. Headline CPI carried expectations for 1%. Retail sales were predicted to advance +0.2% after 0.5% and core sales to slide 0.2% after staying flat beforehand.
USD/CAD traded around 1.3315.
Support for Dollar/CAD comes around 1.3280 and 1.3240. Resistance is at 1.3370 and 1.3460.
Oil prices have traded at lower ground this week, with WTI making several attempts on the round $40 level. This weighs on the the loonie.
The US dollar has weakened after the FOMC revealed nothing new, but has since recovered.
More: FOMC minutes keep December door wide open – USD wobbles
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