Canada: Focus on retail sales and CPI – BBH

Analysts at BBH suggest that during the North American session, Canada reports February retail sales and March CPI and will be the key economic releases for today’s session.

Key Quotes

“Sales are expected to rise 0.4% m/m, while headline CPI is expected to rise 2.4% y/y.  The Loonie remain on its back foot after the BOC’s dovish hold Wednesday.  While we still expect the next hike to come in Q3, the cautious tone from the BOC has led to some profit-taking in CAD.  Retracement objectives form the March-April drop in USD/CAD come in near $1.2755, $1.2825, and $1.2900.”