Details of the August Canadian retail sales report
- Prior was -0.1% (revised to -0.2%)
- Ex autos 0.0% vs +0.3% expected
- Prior ex autos -0.1% (revised to -0.2%)
Weak numbers with negative revisions. The CPI report was also a tad soft and USD/CAD is off to the races for the second day.
Yesterday, the BOC revealed they had actively considered cutting rates and that sent USD/CAD sharply higher.
One upbeat sign was from sales at furniture stores (+2.0%) and home furnishing stores (+1.3%). That category is seen as a proxy for home investment and confidence in real estate.
