Canada’s retail sales rise 0.7% MoM in April

Retail sales in Canada were reported to have risen at a monthly rate of 0.7% in April, or the sharpest in a year.

This reversed a 0.3% fall in March.

In April, sales were underpinned by a 4.5% surge in purchases at gas stations, since higher prices magnified the 1.7% increase in sold volumes.

Retail sales, which exclude auto sales in the country, rose 1.8% month-over-month in April, following a revised down 0.8% drop in March.

In annual terms, retail turnover went up 1.8% in April, data by Statistics Canada showed.

For May, retail sales in Canada are projected to have decreased 0.6% month-over-month.

The USD/CAD currency pair settled 0.01% lower at 1.3688 on Friday. For the week, the major currency pair edged down 0.33%.