Canadian Retail Sales number negated by drop in oil prices

By MoneyWay | May 22, 2019

Initially Canada’s retail sales caused the Canadian dollar to rally to 1.3360 level, breaking the 60 day simple moving average of 1.3392, it beat all expectations. However, the oil inventory numbers surged, diminishing signs of supply worries in  the near term. West Texas Intermediate fell 2.8%, down $1.76 USD, to $61.37 a barrel, the CAD has come back to basically unchanged, again still within the range.

Currently             Close                     Range

USDCAD               1.3415                   1.3410                   1.3358-1.3421   

EURCAD               1.4970                   1.4962                   1.4925-1.4973

GBPCAD               1.7003                   1.7033                   1.6903-1.7051

                                                                                                Prior                      Actual

CA:         Retail Sales         March M/M                       1.0%                      1.1%

                                                             Y/Y                           1.8%                      2.6%

US:         Petroleum Status Report wk5/17

                                Crude Oil                                              5.4M Brls             4.7M Brls

                                Gasoline                                           -1.1M Brls            3.7M Brls

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