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CAD Rises on Higher than Expected Retail Sales

M. Ali 20 November, 2020 8:19 pm Forex Market, Market Update

The Canadian Dollar (CAD) rose against its US counterpart (USD) on Friday, supported by a more than expected increase.

The USD/CAD is trading lower for the day by around 0.1% at 1.3061.

The Canadian buck has now extended its weekly gain against the greenback to around 0.6%.

Earlier today, data showed that Canadian retail sales increased by 1.1% to $53.9 billion in September, according to Statistics Canada.

This is the fifth consecutive monthly increase in Canadian retail sales.

The surge in retail sales also exceeded market expectations of a 0.2% rise.

Data further showed that retail sales rose across 9 of the 11 market sectors.

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