Canadian Retail Sales

The Canadian Dollar underperformed other major currencies in the final session of the week but benefited after Statistics Canada figures suggested retail sales and consumer spending likely helped to support the local economy last quarter.  

Canadian Dollar strength and resilience curtailed a tepid GBP/CAD recovery from the week's lows by Friday, making a battleground of the exchange rate in the process after overnight trading saw the Loonie deny Sterling a recovery of its earlier 1st place in this year's foreign exchange market marathon.

The Canadian Dollar floundered Wednesday having struggled to advance against even the weakest major currencies, with its underperformance escalating after Statistics Canada warned of a September stall in retail sales, which already slowed in August.

The Canadian Dollar extended its recovery on Friday and helped keep pressure on the Brexit-stricken Pound-to-Canadian Dollar exchange rate after Statistics Canada reported June retail sales that surpassed market expectations.

The Canadian Dollar faltered at session highs Tuesday after May retail sales recovered less than was anticipated by the market, although the Loonie retained the support of rallying oil prices and robust investor risk appetite. 

The Canadian Dollar was among the best performing currencies in the G10 space Thursday after February retail sales numbers surprised on the upside but analyst commentary ahead of the Easter weekend suggests Bank of Canada (BoC) rhetoric could weigh on the Lonnie next week. 

The Canadian Dollar extended gains in a market that was already supportive of risk assets Friday after retail sales data for the month of December showed households weathering a global economic storm in fine fashion, although it's still seen facing an uphill struggle in the New Year.

The Canadian Dollar gave up some of its earlier gains Wednesday after official data revealed a steep slump in retail spending during the Black Friday month of November, which implies and economic contraction for that month and adds to a growing body of evidence suggesting growth has decelerated more broadly of late.

The Canadian Dollar held at an 18-month low against the Dollar and also ceded ground to Sterling Friday, after the latest GDP and retail sales data appeared to put a further dent in the economic outlook.