BREAKING: CAD ticks higher after retail sales data

Canadian retail sales report for June was released today at 1:30 pm BST. Report was expected to show month-over-month declines in both headline and core (excluding autos) retail sales, although much smaller than declines reported for May.

Actual data turned out to be a positive surprise. While headline retail sales matched expectations and declined 0.3% MoM in June, core retail sales unexpectedly increased by 0.3% MoM. CAD gained following the news, with USDCAD currency pair moving lower. However, scale of the move was very small.

Canada, retail sales for June

• Headline: -0.3% MoM vs -0.3% MoM expected (-0.8% MoM previously)
• Core: +0.3% MoM vs -0.2% MoM expected (-1.3% MoM previously)

Source: xStation5