By FX Empire.com
The USD/CAD pair fell on Friday after the release of the retail sales index from the United States, which showed retail sales rose in September well above expectations, which overshadowed the worse than expected consumer confidence index. Accordingly, demand for higher yielding assets strengthened, which provided the Canadian dollar with strong bullish momentum that pushed the USD/CAD pair to the downside.
Traders will continue to monitor the latest developments from Europe, where more optimism could push the USD/CAD pair lower. Moreover, traders will be eyeing the G20 meeting should they provide markets with any effective measures, although unlikely. Traders will be also watching manufacturing and industrial data from the United States on Monday.
Monday October 17:
The United States will start the week at 12:30 GMT with the Empire Manufacturing index for October which is expected with improvement to -4.0 from -8.82.
At 13:15 GMT the Industrial Production for September is due and expected to hold on the month with 0.2% gain and capacity utilization to move slightly higher to 77.5% from 77.4%.
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