Retail Sales m/m (CAD) comes in at 0.6% against -0.1% consensus

Canadian Retail Sales m/m for August printed at 0.6%, significantly exceeding the consensus expectation of -0.1%. This represents a 700.0% surprise against the consensus. The prior month’s figure was 1%.

Following the release, the Canadian dollar showed varied reactions against major currencies. USDCAD rose 6.3 pips 15 minutes after the release. GBPCAD fell 3.7 pips, NZDCAD fell 2.8 pips, AUDCAD fell 0.6 pips, and CADJPY fell 0.5 pips over the same 15-minute period. EURCAD was unchanged at 0.0 pips, while CADCHF gained 1.2 pips. For context, USDCAD typically sees a median 1-hour move of 12 pips after past releases. GBPCAD typically sees a median 1-hour move of 18 pips, and NZDCAD typically sees a median 1-hour move of 9 pips. AUDCAD typically sees a median 1-hour move of 10 pips. CADJPY typically sees a median 1-hour move of 12 pips. EURCAD typically sees a median 1-hour move of 15 pips, and CADCHF typically sees a median 1-hour move of 8 pips. The measured moves so far are relatively small compared to the median 1-hour moves observed after past releases for most pairs.