Canadian retail sales rose at a 3.2% mom pace in January, much stronger than the 2.4% gain expectedmarking a strong rebound after the impact of the Omicron variant of Covid-19 in December, which induced a drop of -1.8%.
On the other hand, retail sales excluding vehicles to motorcycles rose 2.5%, above the 2.4% expected and recovering from the -2.5% drop registered the previous month.
About retail sales in Canada
It is a monthly estimate published by Statistics Canada of the total goods sold by retailers based on a sample of stores of different types and sizes. The retail sales index is frequently taken as an indicator of consumer confidence. Released at 8:30 am EST around the 12th of each month, the report reports data from the previous month. It is a preliminary report, which may be significantly revised once the final numbers are calculated. A result above expectations is bullish for the Canadian dollar, while a reading below the market consensus is bearish.
Source: Fx Street
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