Loonie Tumbles After Canadian Retail Sales Crumble

Amid the absence of US macro data due to the shutdown, it seems Canada (and China) are making up for it - by crushing the goldilocks dream.

Canada retail sales fell 0.9% to C$50.4B in November, according to Statistics Canada (which did not need to ask the US for the data this time). This was well below the expected decline of 0.6% and Retail sales from August to October were all revised downwards.

Sales fell in 6 of 11 subsectors, representing 75% of total retail trade

  • Largest upside contributor on month was the general merchandise category, 0.20 percentage points

  • Largest downside contributor on month was the gasoline stations category, -0.53 percentage points

And the reaction was an immediate weakness in the Loonie...

 

On the bright side, Cannabis sales total C$54 million in November.

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