Canada: Retail Sales decline by 3.4% in December vs. -2.5% expected

• Retail Sales in Canada fell more than expected in December.
• USD/CAD continues to push lower toward 1.2600 despite weak data.

Retail Sales in Canada fell by 3.4% in December to $53.4 billion and recorded the largest monthly fall since April, the data published by Statistics Canada showed on Friday. This reading followed November's increase of 1.3% and missed the market expectation for a decrease of 2.5%.

"Sales were down in 9 out of 11 subsectors, representing 83.6% of retail sales," the publication read. "Core retail sales—which exclude sales by gasoline stations and motor vehicle and parts dealers—also posted their slowest growth since April, falling 4.6% in December.

Market reaction

The CAD preserves its strength despite the disappointing data and the USD/CAD pair was last seen losing 0.57% on the day at 1.2608.