Canada: Retail Sales plunged by 26.4% in April vs. 15.1% expected
|- Retail Sales in Canada fell more than expected in April.
- Advance estimates point to a sharp rebound in May.
The data published by Statistics Canada revealed on Friday that Retail Sales in Canada declined by 26.4% on a monthly basis in April to $34.7 billion.
This reading followed March's decline of 10% and came in worse than the market expectation for a fall of 15.1%.
Market reaction
Despite the disappointing data, the USD/CAD pair edged lower and was last seen losing 0.35% on the day at 1.3552.
Additional takeaways from the press release
"Retail sales were down in every subsector for the first time in 27 years (May 1993), with many retailers deemed non-essential in March remaining closed throughout April."
"Given the rapidly evolving economic situation, Statistics Canada is providing an advance estimate of May sales."
"Early estimates suggest that retail sales increased by 19.1% in May. Owing to its preliminary nature, this figure should be expected to be revised."
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.