Canada: Retail sales will get much worse – RBC Economics

Canadian retail sales increased 0.4% in January. The soft start to 2020 will get much worse as containment measures kick in, Nathan Janzen from the Royal Bank of Canada informs. USD/CAD trades at 1.427.

Key quotes

“That retail sales edged up 0.4% in January will carry little or no weight in markets or from policymakers given the dramatic shock to come.” 

“February sales will likely already be impacted to a degree with much larger declines to follow. One exception will be food stores. Online sales also, presumably, could see a boost.”