8:30am (NY Time) CA Core Retail Sales m/m Forecast 0.1% Previous 1.0%
Our focus will be on the Core Retail Sales release, which is a measurement of the activities at the retail level of Canada, excluding most volatile Automobile Sales Components, which makes up about 25% of Retail Sales headline number. A higher Retail sales number means better economy, thus better for its currency. And of course the CORE reading provides a more accurate look at the retail spending of the economy.
Canadian Retail Sales came out much worse than expected, which caused an immediate weakness in the CAD and upward movement in the USD/CAD pair. I waited for proper retracement while explaining to the trade room of a possible reversal due to market cycle, we got in at 1.0700… in about 30~40 minutes, we made over 30 pips on record and close the trade happy!