Blame the storms… oh wait! Despite rate hikes, exuberant discussions from BoC speakers about the economy, and ‘hope’ – a lot of ‘hope’, Canadian retail sales plunged in August.

This is the biggest drop in retail sales since Dec 2015 and is the biggest August drop on record. And the reaction in the Loonie is clear.

As hope for more rate hikes fades.

Though we are sure this is merely transitory.