USD/CAD is unchanged in Friday trade. Currently, the pair is trading at 1.3573, down 0.01% on the day. It’s a quiet day on the fundamental front, so we can expect a subdued day for USD/CAD.
Canada Wholesale Sales Rebound
Canadian consumers have held tight to their purse strings, as the economic uncertainty has resulted in many people sticking to essential purchases and foregoing luxuries. This resulted in abysmal retail sales numbers in April – the headline figure fell by 26.4%, while the core reading declined by 22.0%. Wholesale Sales also looked awful in April, dropping 21.6%. However, in May the indicator bounced back with a gain of 5.7%. Although this was short of the estimate of 7.4%, this could signal that consumer spending will also rebound in next week’s release.
US Construction Data heads higher
In the US, construction numbers moved higher in June. Building Permits came in at 1.24 million, up slightly from 1.22 million. Still, this was well short of the estimate of 1.30 million. Housing Starts climbed to 1.19 million, up nicely from 0.97 million beforehand. Today’s key event is UoM Consumer Sentiment, which is expected in at 79.0, almost unchanged from the previous release of 78.9.
