Canadian retail sales coming up. What to watch for

Retail sales due at the bottom of the hour

Retail sales due at the bottom of the hour

The Canadian August retail sales report is due at the bottom of the hour and the consensus is for a 2.0% rise. The key though is the flash September report. Statistics Canada started forecasting the month ahead on limited data at the start of the pandemic and the numbers have been reliable.

What makes them difficult to interpret is that there’s no ‘consensus’ estimate, at least not yet. September continued the reopening trend in Canada so there should be some good numbers but I’ll be drilling down into the services side so strip out some of the skews around autos and soaring gasoline prices.

USD/CAD, meanwhile, is falling again today after yesterday’s rebound. The pair is down 40 pips to 1.2326.

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