• Canadian retail sales likely to have risen in August on rise in motor vehicle sales

    Source: FxWire Pro - Commentary / 18 Oct 2018 14:36:41   America/New_York

    Canadian retail sales data for the month of August is set to be released this week. Retail sales are expected to have risen 0.4 percent in the month, owing to the motor vehicles’ strength, noted TD Economics in a research report. This is likely to give a tailwind to an otherwise lacklustre report.

    This is expected to leave ex. auto sales little changed on the heels of a 0.9 percent sequential rise in July. Gasoline station sales are expected to be a slight drag on growth, thanks to decreased prices at the pump while building material sales are expected to have been impacted by a deceleration in residential construction.

    Real retail sales are likely to have recorded more modest gains on increased consumer prices that fits with a slower rate of household consumption on the heels of unchanged retail volumes in July and a sharp decline in import activity, stated TD Economics.

    At 18:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was bearish at -92.6299, while the FxWirePro's Hourly Strength Index of US Dollar was highly bullish at 128.317. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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