Canada: Retail Sales rose 0.7% in August vs. 0.4% expected

• Retail Sales in Canada rose more than expected in August.
• USD/CAD sticks to strong intraday gains after the release.

The data published by Statistics Canada revealed on Friday that Retail Sales grew by 0.7% on a monthly basis in August following June's sharp contraction of 2.5%. This reading came in better than consensus estimates pointing to a modest rise of 0.4%.

Market reaction

The USD/CAD pair, meanwhile, moves little following the data and maintains its strong bid tone just below mid-1.3800s amid a strong pickup in the US dollar demand. Apart from this, softer crude oil prices undermine the commodity-linked loonie and support prospects for a further intraday appreciating move.