- December advance flash estimate -2.1%
- Prior was +1.6%
- Ex autos +1.1% vs +1.3% expected
- Prior ex autos +1.3%
- Ex autos and gas +0.5% vs +1.5% prior
- New auto sales +0.1% vs +2.8% prior
- Building material and garden equipment +3.0% vs +3.2% prior
- E-commerce -3.5% vs -0.9% m/m prior
- E-commerce sales up 1.1% y/y
There's been a shift in BOC expectations towards a hike next week but this puts a damper on that, particularly with December looking especially soft. A big part of that is omicron though and the BOC is likely to look past that and instead focus on inflation and runaway house prices.
USD/CAD has moved little on the release but keep an eye on oil as it's rebounding from deep losses.
