September 25, 2012
The Loonie traded in a perfect “U” pattern yesterday as it had fallen early in the day but recovered all of its losses before it closed for the day. USD/CAD opened and closed the day at .9766.
No major economic data was released yesterday but oil prices were slightly softer. Oil went down $1.10/barrel during the day to close the U.S. trading session at 91.95/barrel.
Today, the only major economic data from Canada is the retail sales report at 12:30 pm GMT. The headline figure is expected to be at 0.2% while the core version that excludes volatile items is predicted to come in at 0.3%. Last month, both the headline and the core version showed a 0.4% decline.
Let’s see if the positive expectations will be able to help the Loonie recover its losses from the last couple of days.
"The only cable I watch is the pound baby."