Canada: Retail Sales decline by 0.6% in July vs. -1.2% expected
|- Retail Sales in Canada declined unexpectedly in July.
- USD/CAD trades deep in the negative territory near 1.2660.
Retail Sales in Canada contracted by 0.6% on a monthly basis in July, the data published by Statistics Canada showed on Thursday. This reading followed June's increase of 4.2% and came in slightly better than the market expectation for a decrease of 1.2%.
Excluding automobiles, Retail Sales in Canada declined by 1% in the same period, compared to analysts' estimate for a decline of 1.5%.
"Based on respondent feedback, 0.5% of retailers were closed at some point in July, compared with approximately 5.2% of retailers that were closed in June," the publication further read.
Market reaction
The USD/CAD pair remains on the back foot after this data and was last seen losing 0.92% on the day at 1.2657.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.