Daily digest market movers Canadian Dollar waffles to fresh 54-month low

The Canadian Dollar found a new four and a half year low on Friday, pushing USD/CAD into 1.4090 for the first time since May of 2020.

Meaningful Canadian economic data remains entirely absent from the economic calendar.

CAD traders are unlikely to get much of a push from next Tuesday’s Canadian CPI inflation print as the Bank of Canada (BoC) is already accelerating the pace of interest rate cuts in the face of rapidly-cooling inflation and a lopsided economy.

Canada’s economic metrics continue to rely too much on already-high housing and shelter prices continuing to rise into the stratosphere.

US Retail Sales beat forecasts, but still eased in October. Headline US Retail Sales eased to 0.4% compared to the expected 0.3%, falling away from September’s revised print of 0.8%.