Analysts at TD Securities note that the Canadian retail sales fell by 0.1% in December to outperform expectations for a more significant decline.
Key Quotes
“Gasoline prices had a disproportionate impact which left real retail sales up 0.2%.”
“This report will do little to change the narrative around BoC hikes – we are still tracking Q4 growth at 0.9% (BoC: 1.3%) and the Bank will still need confirmation of a rebound in business investment before moving off the sidelines.”
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