• The Canadian Dollar surged 0.80% against the Greenback on Friday.
• Canada saw an unexpected improvement in core Retail Sales.
• Fed officials give a nod to a rate cutting cycle, sparking a fresh risk bid.

The Canadian Dollar (CAD) is mixed on Friday, but found a surge of fresh bidding against the US Dollar on the back of fresh nods to rate cuts from the Federal Reserve (Fed) sent the Greenback into the floor. The CAD is up over eight-tenths of one percent against the USD, and on pace to see its single-best day against the Greenback since mid-2023.

Canada reported a better-than-expected upswing in core Retail Sales in June, but headline Retail Sales contracted as-expected over the same period, keeping CAD bidding suppressed. Canadian economic figures remain thin next week, until next Friday’s update print in Canadian Q2 Gross Domestic Product (GDP).