Canadian retail sales rose more-than-expected in April
Closeup - Woman holding sale shopping bags. Consumerism, shopping, lifestyle concept
April Statistics for Canada said retail sales in Canada rose 1.1% in April, above average expectations for a 0.2% increase, and a company in a preliminary estimate said sales increased another 0.5% in April. May.
The Statistics Authority added that gains were recorded in eight out of nine sub-sectors representing 94.5% of retail trade, at the forefront of general merchandise retailers, clothing and clothing accessories, and in terms of volume, sales increased by 0.3%.
The Canadian dollar rose against the US dollar by 0.3% to 1.3198 per dollar, and the central bank is expected to raise the interest rate by 25 basis points in the policy decision on July 12 after the Bank of Canada raised the interest rate to the highest level in 22 years at 4.75%.