07:33 AM EST, 12/20/2024 (MT Newswires) -- Canada will release retail sales for October and provisional November estimates at 8:30 a.m. ET Friday, noted Bank of Montreal (BMO).

Canadian households are spending more cautiously than their United States peers -- 2.2% year-on-year in Q3 versus 3.0% -- due to larger debt burdens and mortgage refinancings, said the bank. However, lower interest rates are starting to bear fruit, as witnessed by a recent pop in home sales and a pickup in mortgage credit.

Auto sales sped up in October, which should lift retail sales for a fourth straight month, and by a sharp 0.7% month over month as per the consensus and Statistics Canada's advance estimates, stated BMO.

The data, along with the flash estimate for November, could influence the bank's call for real consumer spending to moderate sharply in Q4 after jumping 3.5% annualized in Q3.

The Canadian dollar (CAD or loonie) is consolidating at C$1.439 early Friday, added BMO.