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Canadian retail sales the only event for North American traders
Friday’s economic calendar will keep the focus on price action rather than economic news. The US slate is completely empty save for the weekly Baker Hughes oil rig count, which isn’t even an oil market mover.
Some European news will cross in the overlap with New York as the ECB’s Panetta speaks at 1045 GMT and the BOE’s Cunliffe at 1300 GMT.
The main market mover will be Canadian retail sales, which are forecast to fall 3.0% in January with much of the country under lockdown. Given those events, a poor number isn’t going to hurt CAD while a strong one might be viewed as a sign of strength.
That said, the 7% drop in oil prices is the real catalyst in the Canadian dollar market at the moment and that’s likely to continue to reverberate.
For the US, next week we get existing home sales, hew home sales, durable goods orders, the Markit manufacturing and services reports and the third look at Q4 GDP.