C$ firms despite retail sales disappointment

Supported by steady commodity prices, the Canadian dollar was higher against its U.S. counterpart on Tuesday morning, but off its highs as Canadian retail sales data for January came in lower than expected.

Retail sales fell by 0.3 percent in January from December, dragged lower by weaker new-car sales, Statistics Canada said. Other data showed Canada’s leading indicator for February was up 0.8 percent from January on strength in the manufacturing sector but that was insufficient to offset the impact of the retail figures.

Reuters

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell