Canadian Dollar keeps steady after weak Retail Sales
Canadian reports of Economic Activity on Core Retail Sales, Retail Sales and Leading Index were released just minutes ago. These indicators measure trends on consumer spending and consumer confidence; Forex traders are interested in this as consumer spending causes the majority of movements in economic activity.
Core Retail Sales in Canada were announced lower than what analysts had predicted. Expected to be released at 0.5%, it tumbled lower to discover a figure of 0.0% for April.
Retail Sales went from a predicted 0.6% to 0.3%, half of the expected percentage.
Consumer Confidence measuring, Leading Indicators turned out better than expected, resulting in 1.0% for May; rather than forecasted 0.6% and April's 0.9%.
The Canadian Dollar didn't see much of a mainstream after the important announcements. CAD stayed the same against some of the major currencies, only dropping slighly in focus of lower Retails Sales releases. The Canadian Dollar dropped slightly against the American Dollar, as the pair went from trading at 0.9750 before the announcement to trade at 0.9758 a few minutes after.
The same situation presisted with other major currencies versus CAD. EUR/CAD is currently trading at 1.4023 from 1.4019. So, a general slight drop is seen for the Canadian Dollar without any harm done.
