Economic Events: (GMT)
There are no scheduled economic events for the US
13:30 CAD Core Retail Sales (MoM) 0.2% 0.7%
13:30 CAD Retail Sales (MoM) 0.3% 1.0%
Core Retail Sales and Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.
Analysis and Recommendations:
The USD/CAD is currently trading 1.0088.
The USD dropped today against all of its trading pairs. The greenback fell on news of a potential deal in Greece and positive reports from the EU meetings. The French Minister assured investors that an agreement was forth coming.
As the US dollar fell, commodity prices rose, pushing up Gold and Crude Oil giving strength to the Canadian Dollar.
Crude Oil surges over 1.50 to just under the 100.00 mark as the EU Ministers announced an immediate embargo on Iranian Oil and also froze all assets from the Central Bank of Iran.
As oil goes up so does the Twooie, they are partners in crime. A good deal of the GDP of Canada is based on its oil exports.
Upcoming Govt Bond Sales Dates
Jan 23 12:00 Norway Details bond auction on Jan 30
Jan 24 09:30 Netherlands Eur 1.5-2.5bn Jan 2013 & Jan 2042 DSL
Jan 24 09:30 Spain Auctions 3 & 6M T-bills
Jan 24 16:30 Italy Details CTZ/BTPei on Jan 26 & BOT on Jan 27 &
Jan 24 18:00 US Auctions 2Y Notes
Jan 25 10:10 Sweden Nominal bond auction
Jan 25 10:30 Germany Eur 3.0bn 3.25% Jul 2042 Bund
Jan 25 16:30 Italy Details BTP/CCTeu on Jan 30
Jan 25 18:00 US Auctions 5Y Notes
Jan 26 10:10 Italy Auctions CTZ/BTPei
Jan 26 18:00 US Auctions 7Y Notes
Jan 27 10:10 Italy BOT auction