Canada April retail sales +0.7% vs +0.7% expected

• Prior was -0.2%
• Ex autos +1.8% vs +0.7% expected
• Ex autos and gasoline +1.4%
• Motor vehicle and parts dealers -2.2%
• Food and beverage retailers +1.9%, led by grocery stores
• Alberta +3.1%, Ontario -1.0% with Toronto sales -2.5% (Toronto is weakest housing market right now)
• Preliminary May data -0.6% m/m

Yesterday, RBC reported a slump in Canadian discretionary spending in May so the soft May reading adds up. The market increasingly focuses on the advance estimate rather than the main headline.

This article was written by Adam Button at www.forexlive.com.