Canada: Retail Sales rise by 0.9% in April vs. 0.8% expected

• Retail Sales in Canada rose more than expected in April.
• USD/CAD trades in negative territory below 1.2950 after the data.

The monthly data published by Statistics Canada showed on Tuesday that Retail Sales in Canada rose by 0.9% in April to C$60.72 billion. This print came in better than the market expectation for an increase of 0.8% and followed March's expansion of 0.2% (revised from 0%).

The publication further revealed that Retail Sales are expected to grow by 1.6% in May.

Market reaction

With the initial reaction, the USD/CAD pair edged lower and was last seen losing 0.32% on a daily basis at 1.2938.