Prior month 0.6% originally. Revised to +0.5%.
- Ex auto MoM +0.7% vs 0.1% estimate.
- Prior ex auto -0.1%
- 4th consecutive increase
- Sales were up in 6 of 11 subsectors
- Sales were up in 5 provinces. BC was the largest gainer up 1.9%. Quebec up 0.6%. Alberta rose 1.0%. Ontario sales fell 0.7% largely on lower auto sales.
- There were higher sales at general merchandise stores, clothing and clothing accessories stores, and building material and garden equipment and supplies dealers
- There were lower sales at motor vehicle and parts dealers and gasoline stations.
The USDCAD is trading at new session lows (higher CAD) after the report and trades at the lowest level since August 1st (traded to 1.2525). The low for the month was on the 1st day of the month but down at 1.2450. The 1.2500 level will be the next target on the downside. The Low for the year based at 1.2413. There were three lows between 1.2413 and 1.2418 back in the end of July. The 200 week MA is at 1.2418 this week (green line in the chart below). Another key level will be the 1.2460 level. That was the low for 2015.
