Statistics Canada released retail sales data on Friday. Canadian retail sales dropped by 1.0% in March, missing expectations for a 0.6% fall, after a 0.6% increase in February. February's figure was revised up from a 0.4% rise.

The decrease was driven by drops in 6 of 11 subsectors.

Sales at motor vehicle and parts dealers slid by 2.9% in March, while sales at general merchandise stores increased by 0.4%.

Sales at gasoline stations declined 1.1% in March, while sales at food and beverage stores were down 0.4%.

Sales at building material and garden equipment and supplies dealers decreased 0.7% in March, while sales at furniture and home furnishings stores plunged 3.7%.

Canadian retail sales excluding automobiles fell 0.3% in March, beating expectations for a 0.4% fall, after a 0.3% increase in February. February's figure was revised up from a 0.2% gain.