On Tuesday (August 23), the risk appetite in the Asia-Pacific market rose, and all the major stock indexes were higher. This also supported the rising price of commodity crude oil to a certain extent. Affected by this, the commodity currency was supported by the Canadian dollar. The market outlook concerns Canada in June. Retail sales data.
In mid-afternoon Asian Market on Tuesday, USD/CAD traded at the 0.9880 line. It was under pressure after hitting an important resistance level of 0.9907 earlier, reversing all gains in the late New Market overnight to early morning trading today. USD/CAD holds Weak market conditions.
Due to the recovery of risk appetite in Asia-Pacific financial markets on Tuesday, commodity prices continued to be supported. As of 13:20 Beijing time, Brent crude oil futures prices rose by 0.40% and NYMEX crude oil futures prices rose by 0.72%.
Under the influence of risk appetite and rising commodity prices, the Canadian dollar began to bounce back. The USD/CAD had finally been suppressed after many trials of a high of 0.9907.
The market outlook focuses on Canada's monthly retail sales rate in June and the monthly retail sales monthly rate in June. These two important data will guide the Canadian dollar's trend.
Canadaâ€™s monthly retail sales rate for May was 0.1, which was a drop from the previous April, but it still maintained a two-monthly upward trend. Economists expect the retail sales rate in June to be 0.7%.
Due to the continued deterioration of the external economic environment, especially the continuing weakness of Canadaâ€™s largest trading partner, the U.S. economy, the manufacturing industry attended the recession, and the unemployment rate remained at a relatively high position, resulting in the continuous deterioration of the Canadian trade balance. From data to data, from March to June All trade accounts in Canada have a deficit, which undoubtedly has a more serious negative impact on the Canadian economy that exports raw materials.
If such an external economic environment is poor, retail sales in Canada can continue to grow, which will certainly ease the impact of the deterioration of the external environment on the Canadian economy.
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