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.
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