Canada Retail Sales rise 0.3% in July vs. 0.4% expected

• Retail Sales in Canada at a modest pace in July.
• USD/CAD stays in negative territory below 1.3450 after the data release.

Retail Sales in Canada rose 0.3% on a monthly basis in July, Statistics Canada reported on Friday. This reading came in slightly below the market expectation for an increase of 0.4% and followed the 0.7% decrease (revised from 0.8%) recorded in June.

Retail Sales ex-Autos grew 1% in the same period, surpassing analysts’ estimate of 0.5%.

Market reaction

USD/CAD pair stays under modest bearish pressure after this report and was last seen losing 0.4% on a daily basis at 1.3430.