The Canadian Dollar is staying in the trend Overview for 25.01.2018

The USD/CAD pair is falling, but in the evening the Canadian Dollar may get an unpleasant surprise.

The Canadian Dollar continues rising against the USD. The current quote for the instrument is 1.2315.

The USD weakness provides excellent support to the Canadian Dollar. Apart from this, the commodity currency is supported by the oil prices, which resumed their growth after the US Department of Energy reported on the Crude Oil Inventories.  

However, the Canadian Dollar enthusiasts may get an unpleasant surprise this evening. At the end of the day, Canada is scheduled to report on the Retail Sales and there is a chance that the numbers may disappoint investors. The indicator is expected to expand only by 0.7% m/m in November although in October it added 1.5% m/m.

In October 2017, the growth of the indicator was the highest over the previous 10 months. If the November reading continues this momentum, one may say that the indicator is forming a strong trend. The stronger the report, the better for the Canadian Dollar.

If the statistics turns out to be as expected, the Canadian Dollar may get a bit more expensive. However, one should follow the ECB meeting results. If the European regulator stops the EUR/USD rally, the USD/CAD pair will be influenced as well.

RoboForex Analytical Department