Courtesy of Johny Nusbaum | Foreign Currency Trader | Aloris Mercantile Corp
The Canadian Dollar is down this morning against the U.S. Dollar after weaker than expected retail sales numbers from Canada for the month of December. Retail sales fell by 2.0% in December, against an expectation of only a 0.3% decline. This news, while bad, is not as large of a concern for the Canadian economy as the recent tumble in oil prices. However, over the month of February, oil prices have stabilized around $49-53 / barrel level and while this is no indication of what the future may bring, this relative stability has brought some cohesion back to the markets.