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USD/CAD drops below 1.03 Before Retail Sales

The Canadian dollar gained for the first time in three days before a report tomorrow forecast to show retail sales rebounded in July from the worst monthly decline this year.

Canada’s dollar approached the three-month high versus its U.S. peer reached last week as two Federal Reserve regional presidents said the economy still needs central-bank support. The currency remained higher after Canadian smartphone maker BlackBerry Ltd. reached a tentative buyout agreement. The nation’s retail sales increased 0.6 percent in July after declining the same amount the previous month, according to a Bloomberg survey of 18 economists.

“There may be some scope for an upside surprise on the data,” Mazen Issa, Canada macro-strategist at Toronto-Dominion Bank, said by phone from Toronto of the retail-sales report. “We could be in store for a stronger reaction in CAD.”

Bloomberg [1]

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