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The Canadian dollar achieved the topmost level in a month along with the price of commodity export gold before a government report tomorrow that is assumed to display retail sales accelerated in May.
The currency boosted as data last week displayed rapid inflation in June, even as consumer-price gains stays down the Bank of Canada’s 2 percent goal. The U.S dollar plunged versus all its major counterparts after Fed Chairman Ben S. Bernanke’s said last week the central bank seeks to assure the economy and labor markets have sufficient momentum before trimming its $85 billion in monthly bond purchases.
Moving Average
The currency traded stronger than its 50-day moving average of C$1.0353 for the first time since June 19. Breaching moving averages signal to some traders a move has momentum to continue.
Bond Yields
Canada’s benchmark 10-year bond was little changed with yields at 2.35 percent. The 1.5 percent security maturing in June 2023 traded at C$92.54.
Economic Performance
Canadian retail sales spiked 0.4 percent in May from 0.1 percent the month before.
The consumer price index zoomed 1.2 percent from a year ago following a 0.7 percent gain in May, Statistics Canada said last week, bringing it within the bottom end of the Bank of Canada’s target band of one to three percent.
“It does say we’re not falling off any kind of cliff and there’s not strong worries for the Canadian consumer,” said Greg T. Moore, a currency strategist at Toronto-Dominion Bank, by phone from Toronto. “Inflation is quite low, it’s at the bottom end of the target range, and it will take a considerable time to get out of that trough.”
