Previewing next week's macroeconomic data releases from Canada, TD Securities analysts said that they were expecting the headline inflation to edge lower to 1.7% annually as weaker gasoline prices are likely to cause a 0.3% monthly decline.
"Airfares will add another source of downside on a partial correction of the 14% gain in July, while the Bank of Canada's core measures are expected to hold at 2.0% y/y on average."
"The Canadian consumer will start Q3 on a strong footing with retail sales forecast to rise by 0.9% in July. Stronger auto sales will lend a hand along with recent strength in the housing market, which has helped to lift sentiment. Retail volumes should see roughly half the nominal advance but nonetheless help anchor Q3 consumption after a soft Q2."
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