Canada retail sales
- Prior month +0.3% (revised to +0.4%)
- The August advanced estimate last month was for a 0.3% decline
- Ex autos +0.1% vs 0.0% expected
- Prior month ex auto +1.0%
- Ex autos and gas -0.3%
- Sept advanced estimate 0.0%
- August y/y sales % vs +2.0% prior
- Sales ex autos y/y vs +0.4% prior
Sales were down in six of nine subsectors and were led by decreases at motor vehicle and parts dealers (-0.9%). Gasoline stations +2.8% were a big boost due to higher prices. That will reverse in October as cracks have come in.
USD/CAD was trading down 14 pips to 1.3706 ahead of this report and is largely unchanged afterwards. I'm expecting to see some weakness develop in this report but we're not there yet.
