Canada: Retail Sales rise by 2.2% in May vs. 1.6% expected

• Retail Sales in Canada rose more than expected in May.
• USD/CAD trades with small daily losses near 1.2850.

Retail Sales in Canada rose by 2.2% on a monthly basis in May to CAD62.2 billion in May, Statistics Canada reported on Friday. This print followed April's increase of 0.7% and came in better than the market expectation of 1.6%.

"Sales were led by higher sales at gasoline stations and motor vehicle and parts dealers," Statistics Canada explained in its publication. "Core retail sales—which exclude gasoline stations and motor vehicle and parts dealers—increased 0.6%."

Market reaction

USD/CAD edged lower after this report and was last seen losing 0.1% on the day at 1.2854.