Retails trump inflation in Canada, and keeps the pressure on USDCAD

Strong retail bounce back sees USDCAD take out yesterday’s low

USDCAD remains heavy and the retail sales numbers comes as a gift for bears as Canadians show some resilience. It looks to be more a case of a snap back from the big drop in Dec so overall it looks like it all evens out. The important part is that there was a snap back. another duff report could have spelt trouble in the consumer sector and we would be seeing the opposite move in USDCAD.

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