Canada: Retail Sales rise by 1.1% in June vs. 0.3% expected

• Retail Sales in Canada grew at a stronger pace than expected in June.
• USD/CAD trades in the positive territory slightly below 1.3000.

Retail Sales in Canada rose by 1.1% on a monthly basis in June following May's increase of 2.3% (revised from 2.2%), the data published by Statistics Canada revealed on Friday. This reading came in better than the market expectation for a growth of 0.3%.

Further detail of the publication revealed that Retail Sales in July are expected to decline by 0.2%.

Market reaction

With the initial reaction, USD/CAD edged slightly lower from the monthly high it touched at 1.3004 earlier in the day. As of writing, the pair was still up 0.3% on the day at 1.2985.