21 December 2022 | Other

Canadian retail sales rose 1.4% in October, but may have fallen 0.5% in November

It is noted that retail sales in Canada for October increased by 1.4% compared to September. The figure is lower than analysts' forecasts, which is an increase of 1.5%. However, it is the largest growth in the last 5 months. According to estimated data, November sales may have fallen by 0.5%.

Shelly Kaushik, an economist at BMO Capital Markets, sees the reason for the October increase in prices, especially at gas stations. In volume terms, she believes, retail sales remained the same.

She also added that because of the inflation’s high rate, consumers have to exist in a condition of reduced purchasing power. This, in her opinion, is the main reason for the low preliminary figures for November. 

The final consumer price data will be available on Wednesday, and the GDP data will be released on Friday.

Royce Mendes, an economist at Desjardins Group, believes the retail sales figures are fully justified by a halt in rate hikes (the Bank of Canada will suspend interest rate hikes starting from January). However, the future still depends on the Consumer Price Index data.

Company MarketCheese
Period: 22.09.2025 Expectation: 300 pips
AUDUSD rises to new highs within ascending channel
Today at 09:16 AM 12
Period: 23.09.2025 Expectation: 5070 pips
Selling Tesla shares amid fundamental headwinds
Today at 07:44 AM 31
Period: 30.11.2025 Expectation: 370 pips
Buying GBPUSD with 1.39880 in view
Today at 07:27 AM 12
Period: 30.11.2025 Expectation: 3700 pips
Buying Bitcoin on positive market sentiment
Today at 05:27 AM 46
Gold sell
Period: 22.09.2025 Expectation: 14000 pips
Gold is looming correction after powerful rally
Yesterday at 09:43 AM 247
Period: 26.09.2025 Expectation: 2000 pips
Buying silver while it’s correcting before another rally to $43.5
Yesterday at 08:37 AM 172
Go to forecasts