Canada retail sales for June 1.1% vs. 0.3 expected

Canada retail sales higher than expected
  • Prior month revised higher to 2.3% from 2.2%
  • Canada retail sales for June rose 1.1% vs. 0.3% estimate
  • Ex autos 0.8% vs. 0.9% estimate
  • sales were up in 8 of 11 subsectors representing 76.8% retail trade
  • gains were led by higher sales and gasoline stations (+3.9% – up for 6 consecutive increase) and motor vehicle and parts dealers (+1.8%) with new car dealers at +2.9% leading the way
  • in volume terms of retail sales were up 0.2% June
  • retail sales were up 3.2% in the 2nd quarter and 0.9% on volume terms
  • July retail sales expected to decline by -2.0% in the prerelease estimate from StatCan.This unofficial estimate was calculated based on responses received from 36.5% of companies surveyed.

Better data for June, but July is not looking so great at -2.0%. Gains were pushed higher by inflation as well. Nevertheless the Canadian dollar has moved little higher (USDCAD lower). For the day, however, the USDCAD is still higher. This week the USDCAD has moved up 4 of 5 trading days. Last Friday the currency pair closed at 1.2772. It is currently trading at 1.2984 after reaching a high today of 1.3002. The natural resistance level at 1.3000 is helping to put a lid on the pair at least for now.

Ethan Andrews

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