{"id":83966,"date":"2019-12-20T03:00:30","date_gmt":"2019-12-20T08:00:30","guid":{"rendered":"https:\/\/currencylive.com\/?p=83966"},"modified":"2019-12-20T02:27:27","modified_gmt":"2019-12-20T07:27:27","slug":"101832-usd-cad-us-gdp-canadian-retail-sales-to-drive-trading","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101832-usd-cad-us-gdp-canadian-retail-sales-to-drive-trading\/","title":{"rendered":"USD\/CAD: US GDP &#038; Canadian Retail Sales To Drive Trading"},"content":{"rendered":"<p>After Declining to 1.31 for the first time in six weeks on Wednesday, the US dollar Canadian dollar recovered to close the session flat at 1.3122. The pair is advancing in early trade on Friday.<\/p>\n<p>Despite oil prices continuing to push higher on Wednesday, the Canadian dollar was unable to capitalize on the higher prices. West Texas Intermediate renewed multi-month high of $61.40 in the previous session. Usually strong oil price boosts the commodity sensitive Canadian dollar, instead weak data overshadowed the rally in oil.<\/p>\n<p>Wholesale sales in Canada declined -1.1% in October, significantly worse than the -0.1% decline that analysts had predicted. Wholesale sales declined on weaker sales of machinery, equipment and agricultural supplies. This disappointing figure also overshadowed a strong rebound in the Canadian labour market, which had been broadly expected.<\/p>\n<p>Today investors will look towards Canadian retail sales data; data which could help guide the Bank of Canada\u2019s interest rate outlook. So far, the central bank has held off from cutting rates whilst other central banks across the globe have eased monetary policy. However, there has been growing speculation that the bank could adopt a more dovish path in the coming year.<\/p>\n<h3><strong>Dollar Shrugs <\/strong><strong>Off Impeachment<\/strong><\/h3>\n<p>The dollar traded broadly flat in the previous session in quiet holiday trade. Investors weighed up Trump\u2019s impeachment trial and comments by US Treasury Secretary Steve Mnuchin that a trade deal should be signed in January.<\/p>\n<p>The dollar was little moved by the impeachment of President Trump in the House of Representatives. Trump was impeached on charges of abuse of power and obstruction of Congress; however, he is likely to be acquitted in the Republican controlled Senate.<\/p>\n<p>Today investors will look towards US third quarter GDP data, which is expected to have grown 2.1% in line with the previous reading.<\/p>\n<p>The dollar has been boosted across the week by strong US economic data which has decreased investors\u2019 expectations that the Federal Reserve will continue cutting interest rates in 2020. A strong GDP reading could boost the dollar.<\/p>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>After Declining to 1.31 for the first time in six weeks on Wednesday, the US dollar Canadian dollar recovered to close the session flat at 1.3122. The pair is advancing in early trade on Friday. Despite oil prices continuing to push higher on Wednesday, the Canadian dollar was unable to capitalize on the higher prices. [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":82272,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1381],"tags":[1706,1680,1683,1556,1522,1430,1479,1400,1397,1398,2011],"class_list":{"0":"post-83966","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-usd","9":"tag-boc","10":"tag-cad","11":"tag-canadian-dollar","12":"tag-impeachment","13":"tag-oil","14":"tag-retail-sales","15":"tag-trade-talks","16":"tag-trump","17":"tag-us-dollar","18":"tag-usd","19":"tag-wholesales"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/CAD: US GDP &amp; Canadian Retail Sales To Drive Trading - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101832-usd-cad-us-gdp-canadian-retail-sales-to-drive-trading\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101832-usd-cad-us-gdp-canadian-retail-sales-to-drive-trading\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101832-usd-cad-us-gdp-canadian-retail-sales-to-drive-trading\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"USD\\\/CAD: US GDP &#038; 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