LeoPrime Daily Market Analysis

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Canadian Retails Sales released as 1.1% vs 1.0% expected

The most awaited economic release is out for the day for the Canadian dollar as 1.1% vs 1.0% expected and the sales excluding autos rose 1.7% to surpass the analysts’ estimate of 0.9% by a wide margin.. The Retail Sales released by the Statistics Canada is a monthly data that shows all goods sold by retailers based on a sampling of retail stores of different types and sizes. The better than expected retail sales for the month of March is release as 1.1% which made the USDCAD pair drop around 35 Pips extending its bearish break till 1.33600 region. Meanwhile, EURCAD has broken the daily ascending trendline below with a 33 pip move post retail sales which is expected to pull the pair to the next support region at 1.49000 and further bearish pressure may target to 1.48300.

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