Canada: Retail Sales rise by 23.7% to $53 billion vs. 24.5% expected

• Retail Sales in Canada rose less than expected in July.
• USD/CAD continues to push higher beyond 1.3200 after the data.

Retail Sales in Canada increased by 23.7% in June to $53 billion, the monthly data published by Statistics Canada revealed on Friday.

This reading missed the market expectation and the previous estimate of 24.5%. 

Key takeaways

"After three months of sales below pre-pandemic levels, retail sales in June were 1.3% higher than February levels as more regions moved ahead with plans to reopen their economies."

"Rounding out the second quarter, retail sales were down 13.3% compared with the first quarter. In volume terms, quarterly retail sales were down 12.4%."

"Retail sales in volume terms were up 22.9% in June."

Market reaction

The USD/CAD pair edged slightly higher in the last minutes and was last seen gaining 0.3% on the day at 1.3220.