BREAKING: CAD muted after headline retail sales miss

Canadian retail sales data for October was released at 1:30 pm GMT today. Report was expected to show monthly increase in headline, as well as core retail sales (excluding autos). Actual data turned out to be a small, negative surprise. While core retail sales matched estimates and increased 0.6% MoM, headline sales increased less-than-expected. 

Canada, retail sales for October.

• Headline: 0.7% MoM vs 0.8% MoM expected (0.6% MoM previously)
• Core: 0.6% MoM vs 0.6% MoM expected (0.2% MoM previously)

USDCAD moved lower in a knee-jerk move following release of Canadian retail sales data, before erasing drop to trade little changed. Moves on the pair were also influenced by a simultaneous release of US data.

Source: xStation5