Retail sales for March
- Canada retail sales came in at 1.1% versus 1.2% estimate
- Ex auto better at 1.7% vs 0.9% estimate
- The prior month headline number revised higher from 0.8% to 1.0%
- The prior month ex auto also revised higher from 0.6% to 0.7%
- sales rose and 7 of 11 sectors representing 39% of total retail sales
- The gain was the fastest since May
- largest contributor was gasoline station, +0.64%
- largest downside contributor was new-car dealers, -0.46%
- e-commerce sales were C$1.578 billion which was up 20% from a year earlier represent 3.2% of total retail sales
The better data has the USDCAD moving lower with the pair moving toward its 38.2% of the move up from the 2019 low at 1.3347 the next target. Below that the 100 day MA at 1.33295 is another targeted area.
