Canada’s retail sales were up 2.1% to $57.2 billion in August, led by higher sales at food and beverage stores (+4.8%), gasoline stations (+3.8%), and clothing and clothing accessories stores (+3.9%). However, early estimates for September show a negative bias as “supply disruptions” have started to impact inventory levels and production.
Although equity markets are reacting positively to Q3 earnings results, Q4 will definitely tell a different story, industrial commodities, copper, aluminum and nickel have given back recent gains falling back to their downward trends. The global energy crises , supply chain management and concerns that the world’s economy may not grow as fast has taken its toll. “Dr. Copper” is the fundamental raw material used in many industrial products, including batteries, and it is used as an early indicator of where economies are going.
The Canadian dollar is a bit weaker, expect a narrow range, but don’t be surprised if it goes back over 1.2400.
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