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Canadian Dollar Advances After In Line Retail Sales Data

Canadian Dollar Advances After In Line Retail Sales Data

The Canadian dollar strengthened against its major counterparts in the European session on Friday, after a data showed that the nation’s retail sales data met forecasts for the month of September.

Data from the Statistics Canada showed that retail sales fell 0.1 percent on a seasonally adjusted monthly basis after a revised 0.1 percent rise in August. The rate matched economist estimates.

Core retail sales excluding motor vehicle and parts dealers rose 0.2 percent from August, when it fell a revised 0.1 percent. The reading was forecast to fall by 0.3 percent.

Investors became optimistic about U.S.-China trade deal following reports about an invitation from Beijing to top U.S. officials for a fresh round of discussions.

According to a report in South China Morning Post, Chinese President Xi Jinping said the country is working for an agreement on the basis of ‘mutual respect and equality’ for phase one agreement.

The loonie climbed to 3-day highs of 1.4652 against the euro and 1.3255 against the greenback, from its early lows of 1.4711 and 1.3291, respectively. The loonie is seen finding resistance around 1.44 against the euro and 1.30 against the greenback.

Reversing from early lows of 81.63 against the yen and 0.9028 against the aussie, the loonie strengthened to 3-day highs of 81.93 and 0.9003, respectively. The loonie is likely to find resistance around 83.5 against the yen and 0.88 against the aussie.

Looking ahead, University of Michigan’s consumer sentiment index for November will be featured in the New York session.

The material has been provided by InstaForex Company – www.instaforex.com