Canada retail sales for July 0.4% vs 0.2% estimate

Ex Auto MoM 0.2%  vs. 0.4%. Prior month was revised to +0.4% from +0.7%

  • Canada retail sales for the month of July came in at 0.4% versus 0.2% estimate.  
  • The ex-auto came in at 0.2% versus 0.4% estimate. 
  • The prior month ex-auto was revised lower to 0.4% from +0.7%
  • Higher sales at motor vehicle and parts dealers and food and beverage stores were the main contributors to the gain.
  • Sales were up in 6 of 11 subsectors, representing 75% of total retail trade.
  • Sales at motor vehicle and parts dealers were up 0.8% in July. Higher sales at new car dealers (+1.4%) accounted for the increase at the subsector level, more than offsetting declines at the other store types. 
  • Retail sales were up in eight provinces in July. WIth Quebec reporting the largest increase (+1.0%) but ex autos sales in that province declined.  
  • Sales in Alberta declined 0.6%. It was the first decline after 3 months of gains. 
  • Sales in Newfoundland and Labrador fell -1.6%. It was the 5th decline in 6 months

The USDCAD has moved higher after the report with the price moving above its 100 bar MA on the 4-hour chart at 1.22727 and its 100 hour MA at 1.2293. The high extended to 1.23144. The pair closed yesterday at 1.2323.  We currently trade around the 1.2300 level — still lower on the day.  The trading bias is more bullish above the MA levels and more bearish technically below the MA levels.
For the full report click here.

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