Canadian Dollar Surges as Weak US Retail Sales Miss

The Canadian Dollar is experiencing a surge on Friday, reaching near a two-month low against the US Dollar. The move coincides with a weaker-than-expected US Retail Sales report, which saw a 0.6% decline in July, falling short of the 0.1% gain markets had anticipated. This drop adds to concerns about the US consumer, and it's one of the year's softer readings.

The weak print has contributed to a case for the Federal Reserve (Fed) to hold interest rates unchanged rather than hiking. Traders seem to agree, with many leaning towards this outcome after the data release. With the US Dollar on the back foot, USD/CAD has little resistance.