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National Bank Previews This Week's Macroeconomic Data in Canada

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In Canada, the macroeconomic data highlight of the week will be the release of the retail sales report for April on Friday, said National Bank of Canada in its 'Weekly Economic Watch'.

Based on previously released car sales data, spending on motor vehicles and parts is expected to have contributed strongly to the headline figure, said the bank.

Combined with increased spending at gasoline stations amid rising energy prices, this gain could result in a 0.6% month-over-month rise in headline sales. Excluding automobiles, sales might have grown at a slightly faster rate of 0.8% month over month, it added.

Meanwhile, Tuesday's existing home sales, for their part, may have increased 3.5% nationally in the fifth month of the year, led by stronger sales in Toronto, according to National Bank.

The bank will also be keeping an eye on the release of the June edition of the CFIB Business Barometer due out on Thursday.

Against the backdrop of rising energy prices, the release of the Industrial Product Price Index (IPPI) and the Raw Materials Price Index (RMPI) for May will be closely watched on Thursday, it added.

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