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Canada’s retail sales come back in a big way

By MoneyWay | Jul 21, 2020

After March and April’s sharp declines, retail sales were up 18.7% in May to $41.8 billion. Motor vehicle and parts dealers led the growth, followed by an increase in sales in almost all other subsectors. Although sales increased in May, retail sales remain 20.0% below February levels. The sales growth was based on 77% of stores being open, the average shutdown time has been five days, retail sales were up in almost every subsector in May, clothing and clothing accessories (+92.6%), sporting goods, hobby, book and music (+101.2%) as well as furniture and home furnishings (+58.6%) stores all experienced significant increases in sales, following large drops in April.

The Canadian dollar responded positively gaining against the USD, expect the CAD to range between 1.3420-1.3470 for the rest of the day.

                                Currently             Close                     Range

USDCAD               1.3438                   1.3535                   1.3434-1.3537

EURCAD               1.5460                   1.5494                   1.5377-1.5498

GBPCAD               1.7130                   1.7135                   1.7059-1.7159

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