Retail Sales in Canada increased at a stronger pace than expected in December.
USD/CAD pushes higher toward 1.3500 in the early American session.
Statistics Canada reported on Tuesday that Retail Sales rose by 0.5% on a monthly basis in December. This reading came in higher than the market expectation for an increase of 0.2%.
"Core retail sales—which exclude gasoline stations and motor vehicle and parts dealers—increased 0.4%," Statistics Canada noted in its publication. "In volume terms, retail sales increased 1.3% in December."
Market reaction
Despite the upbeat data, USD/CAD trades in positive territory and edges higher toward 1.3500 in the early American session. Soft inflation figures from Canada seem to be weighing on the Canadian Dollar.
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