The USD/CAD pair witnesses strong buying interest and rises to 1.3700 as the Statistics Canada has posted weaker-than-expected Retail Sales data for March.
USD/CAD recovers to near 1.3700 as the Canadian Retail Sales surprisingly contracted by 0.1% in March. Weak Retail Sales data would prompt expectations of early rate cuts by the BoC. The US Dollar struggles for a strong recovers due to weak S&P Global PMI report for April. Sales at retail stores contracted at a slower pace of 0.1% against 0.3% in February. However, investors forecasted that Retail Sales will rose by 0.1%.
It seems that investors have not shrugged off the impact of weak S&P Global preliminary PMI report for April, released on Tuesday. The S&P PMI report showed that the Manufacturing PMI drops below the 50.0 threshold and the Services PMI falls sharply to 50.9. Going forward, the US Dollar will dance to the tunes of the Q1 Gross Domestic Product and the core Personal Consumption Expenditure Price Index data for March, which will be published on Thursday and Friday.
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