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BMO Expects Canadian Retail Sales to Rise 1% in May

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Canadian retail sales are forecast to rise 1% in May, in line with Statistics Canada's flash estimate, BMO Economics wrote in a note.

"Higher prices (especially for gasoline) led the way as volumes could be meaningfully softer after two months of declines," said senior economist Shelley Kaushik.

However, the fall in gas prices in June and government support for lower-income households suggest a recovery is just around the corner, Kaushik added. The data will be released later on Thursday. Sales rose 0.5% in April, StatsCan said last month.

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