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.

Eren Sengezer FXStreet

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.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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