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Canadian sales in the spotlight this afternoon- USD/CAD dips below 200 day moving average
There is not much in the way of US economic releases due out this afternoon and besides the focus is entirely on the Fed boss and his 2pm GMT address to the Jackson Hole Symposium. So, in the absence of any significant US data the spotlight might fall on the latest Canadian retail sales data, due out at 12.30pm GMT. The markets are anticipating another fall in Canadian sales in June, of around 0.3%. Sales fell in May by 0.8%. Today the USD/CAD has once again dipped below its 200 day moving average (now at 1.3593). The US dollar had dipped below that moving average on Wednesday and again yesterday, but on each occasion it had avoided a daily close below it. The USD/CAD closed last night at 1.3616. It has hit a session low a short while ago, at 1.3583. Perhaps this sales data might decide, if the USD/CAD will again reject a technically negative close ahead of the weekend, or perhaps not. The USD/CAD is currently trading at 1.3588
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