The Canadian Dollar churned at the mercy of market flows on Thursday.
Canada reported another, albeit slower, contraction in Wholesale Sales in June.
Uptick in US Retail Sales pin Greenback lower, but CAD unable to capitalize.
The Canadian Dollar (CAD) was at the mercy of overall market flows on Thursday, rising against the day’s weaker currencies but giving up further ground as the Greenback softens. US markets tilted into a risk-on stance after US Retail Sales jumped in July, helping the market’s overall mood but trimming bets of a double rate cut from the Federal Reserve (Fed) in September.
Canada reported another miss in Wholesale Sales in June, reporting another contraction in large-scale business inventory acquisitions. However, the figure was less than the previous MoM contraction, but the data which runs two months behind the curve, is too late for CAD traders to do anything with.
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