Canadian Retail Sales drop 0.1% in May vs. +0.3% expected, USD/CAD jumps to test 1.3100

Dhwani Mehta FXStreet

The Canadian Retail Sales dropped by 0.1% on a monthly basis in May when compared to the market expectation of +0.3% and +0.2% last, according to the latest data published by Statistics Canada on Friday.

Further, the core retail volumes (excluding autos) fell 0.3% in May, missing the estimate of+ 0.4% and 0.0% booked in April.

The Canadian dollar extended losses on a negative surprise delivered by the Canadian May Retail Sales data, bolstering the USD/CAD recovery in a bid to test the 1.31 handle.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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