Canada retail sales rose 0.0% mom in Jun, above expectation of -0.3% mom. Ex-auto sales jumped 0.9% mom, well above expectation of 0.0% mom. Sales were down in 4 of 11 subsectors, representing 48% of retail trade. Retail sales decreased in four provinces and more than offset gains across the rest of the country. Full release here.
Some volatility is seen in USD/CAD after the release. But it’s on track to take on 1.3345 resistance after the moves. The pair is now awaiting Fed chair Jerome Powell’s Jackson Hole speech.
