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  • Retail sales in Canada declined unexpectedly in August.
  • The USD/CAD pair rose above the 1.31 mark with the knee-jerk reaction.

The data published by Statistics Canada on Tuesday revealed that retail sales in Canada contracted by 0.1% on a monthly basis in August following July’s increase of 0.6% and fell short of the market expectation of +0.4%. Retail sales excluding autos in the same period came in at -0.2%.

“Sales in the retail trade sector edged down 0.1% in August to $51.5 billion. Sales were down in six subsectors, representing 51% of retail trade,” Statistics Canada noted in its press release.

With the initial market reaction, the Loonie came under pressure and the USD/CAD pair was last seen trading at 1.3112, adding 0.2% on the day.