Canada: Retail Sales decline by 5.7% in April vs. -5% expected

• Retail Sales in Canada fell more than expected in April.
• USD/CAD stays in the negative territory below 1.2270 after the data.

Retail Sales in Canada fell by 5.7% on a monthly basis in April, the data published by Statistics Canada showed on Wednesday. This reading followed March's increase of 3.6% and came in worse than the market expectation for a contraction of 5%.

Further details of the publication revealed that Retail Sales ex Autos declined by 7.2%, compared to analysts' estimate of -5%.

Market reaction

This report doesn't seem to be hurting the CAD. As of writing, the USD/CAD pair was down 0.3% on a daily basis at 1.2265.