Forex: Weak Canadian Retail Sales figures

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The Retail Sales figure was released by the statistics department of Canada for the month of January. The announced figure of -0.3% (month on month basis) was much lower than what the market expected which was 1.1%. Upon the announcement on 12:30 GMT the USDCAD pair rose by 33 pips on just three minutes bringing the pairs on much higher levels from which the Canadian Dollar was unable to recover from.

The Retail Sales indicates all goods sold by retailers based on a statistical sample and shows how the retail sector performs of the in the short term. Usually a high figure will be associated by bullish behavior of the currency . The USDCAD pair is currently traded at 0.9803.