Canada: Retil Sales rise by 0.6% in July vs. 1% expected

• Retail Sales in Canada rose less than expected in July.
• USD/CAD pair is pushing higher toward 1.3200 after the data.

Retail Sales in Canada increased by 0.6% in July to $52.9 billion, the data published by Statistics Canada showed on Friday. This reading followed June's increase of 0.7% and fell short of the market expectation of 1%.

"Core retail sales, which exclude these two subsectors, declined 1.2% on lower sales at building material and garden equipment and supplies dealers as well as at food and beverage stores," the publication read. "Overall, the recovery in total retail sales has been V-shaped, with sales in June and July, respectively, rebounding from the record low observed in April. "

Market reaction

The USD/CAD pair edged higher with the initial reaction and was last seen gaining 0.2% on the day at 1.3190.