Data released early Tuesday afternoon from the Canadian economy may prove bearish for the Canadian dollar (CAD) in the days ahead. Though the nominal reading on total retail sales underscored a 0.7% growth for the previous month, the core data, which excludes volatile items such as transportation sales, revealed a 0.1% decline.
The core data tends to have higher impact as it factors out those sales which tend to generate wild swings. The core figures measure the primary factors of consumer spending at the typical retail level and thus impact currency values much more due to their more direct correlation.
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