Canada: Retail sales unlikely to repeat the 0.7% gain in March - BBH

Canada reports April retail sales today and in view of analysts at BBH, the headline is unlikely to repeat the 0.7% gain in March.  

Key Quotes

“Auto sales will likely drag it lower.  Higher gasoline prices may boost the ex-auto figure, but the volume of retail sales may have fallen.  The Canadian dollar has pared half of the gains scored in the wake of the more hawkish talk from senior BOC officials.  US dollar sellers have emerged in front of the retracement level near CAD1.3350.  Support is pegged near CAD1.3380.  Tomorrow, Canada reports May CPI figures and the headline rate is expected to ease.”