Canada: Retail Sales decline by 2.5% in July vs. -2% expected

Retail Sales in Canada fell more than expected in July.
USD/CAD trades in positive territory above 1.3500 after the data.

Eren Sengezer FXStreet

The data published by Statistics Canada revealed on Friday that Retail Sales contracted by 2.5% on a monthly basis in July following June's increase of 1%. This reading came in weaker than the market expectation for a decline of 2%.

"Core retail sales—which exclude gasoline stations and motor vehicle and parts dealers—decreased 0.9%," the publication further read. "In volume terms, retail sales were down 2.0% in July."

Market reaction

The USD/CAD pair edged higher after the disappointing data and was last seen rising 0.25% on the day at 1.3532.

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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