- Retail Sales Report: Wednesday, 12:30. Consumer spending has been sputtering, with back-to-back declines. Analysts are braced for another decline in February, with a forecast of -3.0% for the headline read and -2.6% for Core Retail Sales.
- GDP: Friday, 12:30. Canada releases GDP on a monthly basis. The economy expanded by 0.7% in January and the estimate for February stands at 0.9%.
- Raw Materials Price Index: Friday, 12:30. This inflation index measures inflation in the manufacturing sector. The index jumped to 6.6% in February, up from 5.7%. Will the upturn continue in March?
.
I am neutral on USD/CAD
The Canadian economy is recovering, and the slight taper by the Bank of Canada is a vote of confidence in the economy. However, the economy continues to grapple with Covid and ongoing lockdowns are weighing on the economy.
Follow us on Sticher or iTunes
Further reading:
-
- EUR/USD forecast – for everything related to the euro.
- GBP/USD forecast – Pound/dollar projections.
- AUD/USD forecast – analysis for the Aussie dollar.
- USD/CAD forecast – Canadian dollar predictions.
- Forex+ weekly forecast – Outlook for the major events of the week.
Safe Trading!