By James Langton

(April 23 – 07:15 ET) – The only economic data due out in Canada this week is Tuesday’s retail sales numbers. Retail sales are expected to come in down 0.3%. Though, they will be flat if the impact of auto sales is taken out of the equation.

CIBC World Markets says traders will be looking for clues that the Bank of Canada might move rates down again before its next meeting. Last week the U.S. Federal Reserve trumped the BOC’s 25 basis point cut with a 50 bps cut of its own.

Economists at TD Bank are forecasting weak retail numbers. “While this would probably not prompt the Bank of Canada to lower interest rates on short notice, it would nonetheless suggest that the weak spell on the job front in the first three months of the year is starting to weigh on consumer spending – hardly good news for Canada’s growth picture.”

In the U.S., consumer confidence data is due out Tuesday. Traders will be paying close attention to it, as the U.S. Federal Reserve Board has signaled its importance in the past.

On Wednesday, U.S. durable goods orders and new home sales data will be released Thursday will bring the Employment Cost Index. “Consumer confidence will erase last month’s trivial rebound. This will be challenging news for those eager to shift out of bonds into equities in anticipation of better days ahead,” says CIBC World Markets.

On Friday, U.S. first quarter GDP numbers will be released. Fed Chairman Alan Greenspan will be stepping into the lion’s den with a speech at the annual meeting of Bond Market Association. The Fed’s aggressive rate-cutting is slamming the bond market, so Greenspan will likely face a tough, albeit attentive, crowd. “While actions speak louder than words, his remarks may nonetheless refocus the markets on how far down the Fed funds rate may go,” says the analysts at BMO Nesbitt.

Consensus for U.S. GDP growth among economists sits at 1%, but BMO says the numbers are so haywire that the first quarter GDP may even hit 2%, although the second quarter result could fall to zero.

Amid the economic cross-currents, traders will have an avalanche of earnings reports to wade through, too. Today, Astral Media, Brookfield Properties, Pacifica Papers and Slocan are slated to report.

Tuesday will bring reports from Agnico-Eagle Mines, Bowater, Canadian Hunter, Cominco, Imperial Oil, Inco, Manitoba Telecom Services, Noranda, Norske Skog Canada, Petro-Canada and Placer Dome.

BCE Inc. will lead off on Wednesday, followed by Boliden, Clarica Life Insurance, C-MAC, Dorel Industries, DuPont Canada Inc., Nova Chemicals Corp., Potash Corp., Shell Canada, Slater Steel Inc., Sun Life Financial and Westcoast Energy Inc.

The drums will contnue to beat on Thursday with Abitibi-Consolidated Inc., Alliance Forest Products, Ashanti Goldfields, Aur Resources, Barrick Gold, BC Gas Inc., CanWest Global Communications, Corus Entertainment, Great West Lifeco, Homestake Mining, Nexfor, Tembec Inc., Uniforet and West Fraser Timber.

Friday will be quieter with ATCO Ltd., CGI Group Inc., Investors Group Inc. and Morguard REIT set to report.