Canada retail sales
  • The advanced April report was +0.5%
  • The March reading was +0.8%
  • Ex-autos -0.3% vs +0.2% expected
  • Prior ex-autos -0.7% (revised to -0.8%)
  • Advance May report-1.1%

USD/CAD was trading at 1.3713 ahead of the data. The key number here is the advance May reading, which suggests a sharp drop in consumer spending. That report doesn't break down the sources of weaker spending so it could just be autos on the tariff front-run but it raises the stakes for the next report.

Source: Forex Live