Technicals

FXstreet.com (Barcelona) - Retail sales have grown in May in Canada for the seventh time in the last eight months, although at a somewhat slower pace than in the previous year, according to the latest figures released by Statistics Canada.

In May, retail sales have increased 0.4% to $35.8 billion, following a 0.6% increase in April. According to Statistics Canada the increase is attributable to the rise on sales at gas stations, which, itself, its due to the rising price of gasoline; 8.8% up from April to May. Without the effects of price changes, retail sales would have increased 0.1%.

Five out of the eight main sectors have posted higher sales in May, being the automotive sector and building and outdoor home supplies stores the largest contributors. Sales in the automotive sector rose 1.1% in May, while sales in the building and outdoor home supplies stores sector increased 0.7% month on month. On the negative side, sales for clothes and accessories have declined 0.7%, the largest drop.