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Loonie Tumbles After Canadian Retail Sales Crumble

Courtesy of ZeroHedge. View original post here.

Amid the absence of US macro data due to the shutdown, it seems Canada (and China) are making up for it – by crushing the goldilocks dream.

Canada retail sales fell 0.9% to C$50.4B in November, according to Statistics Canada (which did not need to ask the US for the data this time). This was well below the expected decline of 0.6% and Retail sales from August to October were all revised downwards.

Sales fell in 6 of 11 subsectors, representing 75% of total retail trade

  • Largest upside contributor on month was the general merchandise category, 0.20 percentage points

  • Largest downside contributor on month was the gasoline stations category, -0.53 percentage points

And the reaction was immediate weakness in the Loonie…

On the bright side, Cannabis sales total C$54 million in November.


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