Holiday shopping appears to be boosting retail sales in most countries which celebrate the end-of-year holidays such as Christmas. Indicators appear to be suggesting that consumer spending is on the rise in most Western countries and Canadian retail sales supports this notion for the northern giant.
The Canadian dollar (CAD) was seen holding steady after these publications due to the release of the Bank of Canada’s (BOC) interest rate announcement shortly after. The value of the Loonie will likely depend on how the market reacts to the interest rate statement later in the day.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
