Canadian Retail Sales better than expected, leading indicators as expected
Data issued showed that Canadian Retail sales rose to 0.4% compared to the previous decline by -0.2% and even marginally higher than the expected 0.3%. A good portion of the growth is attributable to the automobiles sector as retail sales less autos for the same period came out only at 0.1%.
Leading indicators for the month of April, reported from Canada as well, came out at 0.3% compared to the previous 0.4% and the expected 0.3%.
In his comments last month the BoC governor implied that the policy rate may have to eventually rise on the back of faster than expected growth.
The USD/CAD has traded in the range of 1.0204 – 1.0245 so far today.
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