Canadian retail sales were unchanged in March, following a 0.7% rise the prior month (revised from +0.8%), and compared with consensus expectations of a 0.2% gain (though in line with our call). The details were firmer as volumes managed a solid 0.7% advance, as lower prices dragged heavily on the headline. The retail sales report is the final major piece of the GDP puzzle for both March and Q1, and the solid rise in volumes points to a monthly gain in GDP of 0.2% and a quarterly rise of 2.3% (retail sales volumes rose at a 1.8% a.r. pace for all of Q1).
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