Canada January retail sales +3.2% vs +2.4% expected

• February flash estimate -0.5%
• January flash estimate was +2.4%
• December reading was -2.5%
• Ex autos +2.5% vs +2.4% expected
• Prior ex autos -2.5%
• Sales up in 9 of 1 subsectors
• Ex autos and gas+2.9% vs -2.4% prior
• Full report

Details:

• New auto sales +5.5% vs -0.4% prior
• Building material and garden equipment +8.9% vs +14.1% prior (fifth gain in six months)
• E-commerce sales -14.4% vs +14.2% y/y prior

The flash estimate is more of a mover than the main headline now. It's lower but covered by the surprise higher in the January reading.

What shocks me is the ongoing strength in building materials. Prices of lumber are back near the highs but there's no slowdown in demand. I suppose it helps when the price of the average Canadian house rises +$20K per month.

CAD CAD The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i Read this Term is unmoved on the report at 1.2618.