Canada February 2021 retail sales data
- Prior was -1.1%
- Statistics Canada advance estimate was +4.0%
- Retail sales ex autos +4.8% vs +3.5% expected
- March advance estimate +2.3% based on 65% of responses
- Sales up in 9 of 11 subsectors led by motor vehicles
- 12% of retailers were closed in at some point in Feb
- Clothing and accessories +23.7% vs -17.8% m/m prior
- Furniture +18.0% vs -15.1% prior
- General merchandise stores +6.1% vs+3.3% prior
- Building material and garden equip +3.5% vs +2.9% prior
- Motor vehicles and parts +5.0% vs -1.0% prior led by new car dealers
This is another reason to like the Canadian dollar. April will be much weaker but this wave in the pandemic is showing signs of cresting and -- judging by these numbers -- the consumer looks like it's raring to go.
USD/CAD was little changed on this, likely owing to the looming FOMC decision. The pair remains near the lowest levels of the year.
