The USD/CAD pair has witnessed selling pressure as Statistics Canada has reported surprisingly higher Retail Sales data (April). The economic data has expanded by 1.1%, while the street anticipated an expansion of 0.2%. Last month, Canadian Retail Sales contracted by 1.5%.
Upbeat Retail Sales data might force the Bank of Canada (BoC) to raise interest rates further as higher household demand would eventually propel price pressures.
Analysts at CIBC affirm that some cracks appeared within the Canadian labor market in May, but these “may not yet be wide enough to convince the Bank of Canada that inflation is about to cool off meaningfully.”
Meanwhile, S&P500 futures have extended their losses as the market mood turns precautionary ahead of Federal Reserve (Fed) chair Jerome Powell’s testimony. The US DollarIndex (DXY) demonstrates signs of sheer contraction in volatility as investors are expected to build fresh positions after assessing commentary from Jerome Powell.
Investors are keenly focusing on whether Jerome Powell will stick to its prior guidance of pushing interest rates further by 50 basis points (bps) this year or remain data-dependent.
On the oil front, oil prices are expected to show some action after the release of the oil inventory data by the United States American Petroleum Institute (API) for the week ending June 16.
It is worth noting that Canada is the leading oil exporter to the United States, and higher oil prices will support the Canadian Dollar.
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