• Canadian Retail Sales grew 0.7% MoM in November, below the 1.2% expected. 
• StatsCan's flash estimate for December showed a 2.1% MoM drop.  

According to a report released by Statistics Canada on Friday, Canadian Retail Sales rose 0.7% MoM in November, less than the expected 1.2% rise and a sharp acceleration from October's 1.5% MoM rise (which was revised lower from 1.6%). Statistics Canada's flash estimate for December showed that Retail Sales most likely fell by 2.1% MoM, suggesting a sharp downturn in the final month of 2021 as Omicron infections raged. The Core measure of Canadian Retail Sales rose 1.1% MoM in November, below the expected 1.3% gain and a decceleration from October's 1.3% gain. 

Market Reaction

The loonie did not seem to react much to the latest Canadian Retail Sales report.