Canadian retail sales rose 1% in July, higher than the 0.4% expected by markets, and completing the third consecutive month of gains. This rise follows a 1.1% rise in June and comes largely due to higher gasoline prices. The Canadian dollar jumped to a two-week high against the greenback following the news, gaining for the fifth straight day.
Six of the eight major retail sectors recorded growth in July, with food and beverages, pharmaceuticals and furniture all rising. Widespread gains across the manufacturing and production sectors have helped to support the view that the Canadian economy is on the road to recovery.
The Canadian currency is currently valued at USD0.9311, GBP0.5669 and EUR0.6499.
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