Canada retail sales data for July due Friday - preview

Inflation data is also due at the same time, preview f this is here:

• Inflation data to come Friday - Canada August CPI

For retail sales:

BMO:

• are expected to rise 0.3% in July, reversing the prior month's decline.
• Auto sales look to be modestly lower (ex. autos +0.4%) as the market appears to have peaked amid rising interest rates and a cooling housing market. Higher gasoline prices likely flattered the headline as sales ex. autos & gas are expected to rise only one or two-tenths. Lastly, goods prices were up sharply in the month, suggesting volumes could fall for second straight month.

CIBC:

• Canadians opened up their wallets again in July, but retailers won't be breaking out the champagne. Some of the increase in total sales was simply due to higher gasoline prices, while big ticket items like auto purchases likely saw a slight decline during the month.
• A decent, if not spectacular, gain in ex-autos and gas won't get hearts racing either, and will leave that measure of sales tracking only 1½% over the past year.
• Momentum in household spending is certainly slowing down. A combination of higher debt service costs and slimmer employment gains suggest that the best days are now in the rearview mirror for this former engine of growth.