Canadian retail sales could steer the Bank of Canada

Canadian retail sales due at the top of the hour

The market is pricing in a low probability of a Bank of Canada rate cut in early December and Q1 but that could change if economic data begins to worsen.

Up first on the agenda is the September retail sales report. It"s due at the bottom of the hour and the consensus estimate is for a 0.6% rise. Forecasts are relatively clustered and range from +0.5% to +1.0%.

The market is more likely to focus on sales excluding autos, which are forecast to rise 0.5%. Economists range from +0.4% to +0.8%.

If the numbers are below the bottom of the forecast range, look for the chance of a cut to climb.

Canadian retail sales could steer the Bank of Canada
Canadian retail sales could steer the Bank of Canada
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