Canadian retail sales data for August was released today at 1:30 pm BST. Report was expected to show a 0.3% month-over-month drop in headline retail sales as well as 0.1% month-over-month drop in core retail sales (excluding autos). However, actual data turned out to be better than expected with headline sales dropping just 0.1% MoM and core retail sales increasing 0.1% MoM. Canadian dollar gained following the release with USDCAD moving lower. However, the scale of the move was minimal with the pair pulling back less than 0.1%.
USDCAD dropped following release of better-than-expected Canadian retail sales report and moved below 1.3700 mark. Source: xStation5
