Canadian retail sales for December fell sharply by -5.4% month on month vs -2.4% in November. The data is much weaker than expected, the consensus call being for a -2.7% contraction. The decline is the biggest in 15 years and comes against a backdrop of tumbling auto sales. Excluding autos, sales fell 3.2% compared to a consensus call of -2.0%. USD/CAD is trading firmer on the day, presently at 1.2520 from an early 1.2465.