ItÕs bound to be another busy week as earnings season kicks into higher gear in Canada, and economic numbers continue to flow.

Today will bring retail trade numbers in Canada. Economists are expecting more or less flat sales after a strong prior month. “WeÕre looking for a sub-consensus outcome that will rain on the recent parade of firmer indicators,” says CIBC World Markets. BMO Nesbitt Burns is expecting a slackening too. On the other hand, says BMO, “Real consumer spending looks to have risen at better than a 3% annual rate in Q2, again supporting GDP growth.”

On Tuesday, U.S. Federal Reserve Board chairman Alan Greenspan is testifying before the Senate Banking Committee. Wednesday will be a quiet day. On Thursday, employment-cost index numbers are due out in the U.S., as well as durable goods orders data.

On Friday, weÕll get industrial price data in Canada and GDP numbers in the U.S. “In the U.S., the market consensus has now drifted up towards our earlier 1.0% GDP call for Q2, so weÕre now not expecting any reaction to that key release for the week,” CIBC World Markets says.

While the data will be closely watched, itÕs more likely that earnings reports will dictate the trading flow. “In this earnings season frenzy, itÕs the word from CFOs and CEOs, not the Commerce Department, which is likely to guide treasuries and currencies,” says CIBC.

On the earnings front, we’ll hear from ATCO Ltd. and Inmet on Monday. Tuesday will feature, C-MAC, Great West Lifeco, Meridian Gold, Molson, Placer Dome and Shaw Communications. Wednesday will be a very heavy day with Agnico-Eagle Mines, BCE Inc., Brookfield Properties, Enbridge Inc., Finning International Inc., Inco, Loblaws , Nova Chemicals Corp., Royal Group Technologies, Slater Steel Inc. , Sun Life Financial and Teck reporting. On Thursday, itÕll be another heavy day when investors will hear from Abitibi-Consolidated Inc., Bowater Cambior Inc., Clarica Life Insurance, Cominco, Dofasco, Investors Group Inc., Manitoba Telecom Services, Potash Corp. Power Corp. and Power Financial, Rogers Communications, Telus Corp. and Westcoast Energy Inc. Friday will be all about paper stocks with Canfor,
Nexfor, Norske Skog Canada and Tembec Inc. reporting. So will TransCanada PipeLines Ltd.