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Canadian retail sales beat consensus, but core number drops

Published 07/21/2017, 08:31 AM
Canadian May retail sales gain 0.6% vs. 0.2% forecast
USD/CAD
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Investing.com - Retail sales in Canada showed a larger-than-expected increase in May, although the core reading unexpectedly declined, official data showed on Friday.

In a report, Statistics Canada said that Canadian, retail sales increased by 0.6% in May, compared to forecasts for a 0.2% gain and after a 0.7% advance in the prior month, that was revised from an initial rise of 0.8%.

However, core retail sales, excluding automobiles, unexpectedly fell by 0.1% in May, after a 1.3% surge in the preceding month which was revised from an initial 1.5% advance.

Analysts had expected Canadian core retail sales to increase by 0.3% in May.

After the report, which was released simultaneous with Canadian inflation data for June, USD/CAD traded at 1.2559, compared to 1.2603 prior to the release.

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