Canadian Dollar Declines As Weak Retail Sales Data Lifts Rate Cut Hopesfxcue.com

(fxcue news) - The Canadian dollar dropped against its major counterparts in the New York session on Friday, as the nation's retail sales fell sharply in May, strengthening expectations for a rate cut by the Bank of Canada next week. Data from Statistics Canada showed that retail sales fell by 0.8 percent in May after rising by a revised 0.6 percent in the previous month. Economists had expected retail sales to decrease by 0.6 percent. Core retail sales, excluding motor vehicle and parts dealers, declined by 1.3 percent after gaining by a revised 1.7 percent in April. Core retail sales were expected to drop by 0.5 percent. The loonie touched 1.3747 against the greenback, its lowest level since July 2. The loonie eased to 0.9194 against the aussie, 1.4967 against the euro and 114.51 against the yen, from an early 10-day high of 0.9173 and 2-day highs of 1.4919 and 115.17, respectively. The currency is seen finding support around 1.39 against the greenback, 0.93 against the aussie, 1.50 against the euro and 110.00 against the yen.

Canadian Dollar Declines As Weak Retail Sales Data Lifts Rate Cut Hopes

Swiss Market Ends Weak

DAX Slides As Trade Tensions Mount

UK Retail Sales Fall In June

Asian Shares Decline As Tech Selloff Continues

Canadian Market Down Marginally In Cautious Trade

TSX Closes Weak For 2nd Straight Day

Canadian Dollar Declines As Weak Retail Sales Data Lifts Rate Cut Hopes

Dollar Rises Against Major Counterparts On Safe-haven Appeal

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Trader

EURUSD trading, selling for profit

In the morning session of the Asian market, buying spot gold resulted in profits, while selling GBP/USD resulted in profits.

The price of gold has risen again, with 2 buy orders yielding profits and short-term sell orders yielding profits at high levels, perfect.

Suggestions for spot gold trading operations: Sell when the price rises close to 2680, sell when it unexpectedly rises above 2690, and buy when the price falls close to 61 or 54. I bought near 2650 in the morning yesterday and sold near 2670 and 2673 in the evening.

In terms of short-term trading strategy for Japanese gold, it is recommended to focus on buying with a pullback and selling with a rebound as a supplement. The short-term focus should be on the 2680-2685 resistance line above, and the short-term focus should be on the 2655-2650 support line below.

The price of gold remains strong, and we broke even today.

Tags

Canadian Dollar Declines As Weak Retail Sales Data Lifts Rate Cut Hopes

Swiss Market Ends Weak

DAX Slides As Trade Tensions Mount

UK Retail Sales Fall In June

Asian Shares Decline As Tech Selloff Continues

Canadian Market Down Marginally In Cautious Trade

TSX Closes Weak For 2nd Straight Day

Canadian Dollar Declines As Weak Retail Sales Data Lifts Rate Cut Hopes

Dollar Rises Against Major Counterparts On Safe-haven Appeal

Please sign in

Trader

EURUSD trading, selling for profit

In the morning session of the Asian market, buying spot gold resulted in profits, while selling GBP/USD resulted in profits.

The price of gold has risen again, with 2 buy orders yielding profits and short-term sell orders yielding profits at high levels, perfect.

Suggestions for spot gold trading operations: Sell when the price rises close to 2680, sell when it unexpectedly rises above 2690, and buy when the price falls close to 61 or 54. I bought near 2650 in the morning yesterday and sold near 2670 and 2673 in the evening.

In terms of short-term trading strategy for Japanese gold, it is recommended to focus on buying with a pullback and selling with a rebound as a supplement. The short-term focus should be on the 2680-2685 resistance line above, and the short-term focus should be on the 2655-2650 support line below.

The price of gold remains strong, and we broke even today.

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