August 23, 2012
For the second day in a row, the Loonie lost in the battle for supremacy versus the safe haven Greenback. Apparently, commodity prices were generally weaker yesterday, which resulted in the Loonie being sold off. Oil was unable to rise and remained unchanged around $97 while gold fell to $1,639.
Economic data from Canada also disappointed. The retail sales report showed that sales fell 0.4% instead of rising 0.2%. The core version of the retail sales report was also weaker than expected as it showed a 0.4% decline versus the 0.3% increase initially expected.
Canada’s economic cupboard has nothing in it today. This means that the Loonie’s price action will most likely be dictated by events happening in other major economies like the U.S.
"The only cable I watch is the pound baby."