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Fundamental Forex Analysis

Retail Sales rose 0.9% in November vs. 0.4% expected

  • Retail Sales in Canada increased more than expected in November.
  • USD/CAD continues to trade in daily range above 1.3100.

Retail Sales in Canada rose 0.9% on a monthly basis in November to $51.5 billion following October’s decline of 1.1%, the data published by Statistics Canada showed on Friday. This reading came in better than the market expectation for an increase of 0.4%.

“The increase was primarily attributable to higher sales at motor vehicle and parts dealers and at food and beverage stores, both of which were down in October,” Statistics Canada explained. “Higher sales were reported in 6 of 11 subsectors, representing 70% of retail trade. After removing the effects of price changes, retail sales in volume terms increased 0.7%.”

Market reaction

The USD/CAD pair edged lower with the initial reaction but continues to fluctuate in its daily range. As of writing, the pair was up 0.05% on the day at 1.3130.

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