USD/CAD: Trading the Canadian Retail Sales Report

From dailyfx.com

Household spending in Canada is expected to fall 0.3% in July, and the downturn in private sector consumption is likely to weigh on the exchange rate as it dampens the outlook for future growth. The slowdown in economic activity may encourage the Bank of Canada to keep the benchmark interest rate on hold throughout the remainder of the year, and we may see central bank Governor Mark Carne maintain his pledge to ‘carefully consider’ future rate hikes as ‘the need to withdraw monetary policy stimulus has diminished.’ However, an unexpected rise in retail sales could increase the argument for higher borrowing ... (full story)