Canada: Retail Sales rise by 1.1% in April vs. 0.2% expected

• Retail Sales in Canada increased at a stronger pace than expected in April.
• USD/CAD remains around 1.3210/20, marginally lower for the day.

Statistics Canada reported on Wednesday that Retail Sales rose by 1.1% on a monthly basis in April. This reading came in higher than the market expectation for an increase of 0.2%.

“Core retail sales—which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers—increased 1.5% in April.  In volume terms, retail sales increased 0.3% in April”, Statistics Canada noted in its publication.

Market reaction

The USD/CAD remained steady, hovering around 1.3210/20 following the upbeat report. At the same time, Federal Reserve Chair Powell's speech was released and strengthened the US Dollar somewhat.