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BREAKING: CAD weakens after retail sales and inflation data from Canada

2:33 PM 21 February 2023

Canada retail sales data for December was released at 1:30 pm GMT.  Report turned out to be mixed and caused some moves on the markets. Highlights of the report:

• Headline: 0.5% MoM vs 0.5.% MoM expected (-0.1% MoM previous)

• Ex-autos: -0.6.% MoM vs  -0.1% MoM expected (-0.6% MoM previous)

Simultaneously CPI figures were released.

Canada’s annual inflation fell to 5.9%YoY in January from 6.3% in December, below market expectations of 6.1%.

Core consumer prices in Canada decreased to 5.0% in January from 5.4% YoY in previous month, below analysts’ projections of 5.5%.

USDCAD broke above local  resistance at 1.3470. Source:xStation5  

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