With a quiet week on tap for economic data, traders will focus primarily on earnings and earnings warnings this week.

With the long weekend behind us, the only big Canadaian number of the week will come on Tuesday — retail sales for March. This will be an important number as it is the last scrap of data before the Bank of Canada’s next interest rate decision. The consensus among economists is for a 0.4% increase.

CIBC World Markets economists say, “Retail sales are the last missing piece, but they look to have seen little growth in after-inflation terms. Even with the overall March improvement, Q1 real GDP growth still looks no better than Q4’s chain-weighted 1.2% gain.”

“Most recent economic reports in Canada have come in on the high side of expectations, notably employment and consumer prices for April. While most observers still believe that the Bank is more likely to cut rates by 50 basis points at the end of the month, a strong retail report would keep the debate churning,” say BMO Nesbitt Burns economists.

In the U.S., there won’t be any economic data until Thursday, and even then it’s just the new home sales numbers. U.S. Federal Reserve Board chair Alan Greenspan will be speaking at a dinner with the Economic Club of New York.

On Friday, durable goods orders and first quarter GDP numbers will be out in the U.S. BMO Nesbitt Burns predicts that GDP growth is likely to come in near 1.5% from 2%. CIBC World Markets suggests that the light schedule could get Greenspan even more attention than normal.

With little economic data, traders will be watching earnings and bracing for warnings. It is a quiet week for earnings in Canada, too, although a couple of the banks are reporting. Bank of Montreal is due to reveal its results on Wednesday, along with Royal Bank and Hudson’s Bay Co. ATS Automation Systems is on deck for Thursday.

In the U.S., the schedule is much busier. First Call Thomson Financial says there will be a number of important retailers reporting next week including Lowe’s Limited, Intimate Brands, and Toys R Us on Monday, Target, Kohl’s, Saks, Staples, BJ’s Wholesale, and Talbots on Tuesday, Ross Stores, Neiman Marcus, and Big Lots on Wednesday, and American Eagle Outfitters, Barnes & Noble, Borders, and Cost Plus on Thursday.

Other earnings reports of great interest next week include Computer Associates, Intuit, and ADC Telecomm in technology, plus Medtronic, Polo Ralph Lauren, and Tommy Hilfiger.