The Canadian Dollar depreciated significantly against the Greenback, as the report showed that the country’s retail sales rose less than anticipated in September. The USD/CAD exchange rate jumped 35 pips or 0.28% to the 1.2719 mark and continued consolidation in the aforementioned area.
Statistics Canada revealed that retail sales increased far less than projected in the month of September, as stronger prices of gasoline were offset by a drop in purchases of clothing and vehicles, indicating cooler economic expansion and fuelling expectations for the Bank of Canada to keep rates unchanged until the next year. The report showed that the value of sales rose 0.1%, missing expectations for a 0.9% gain.
