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Canada's April retail sales are expected to decline 5.1% following the prior month's 3.6% gain, according to an economist consensus, reflecting third wave pandemic lockdowns.

Sales excluding autos are likely to drop 4.8% following March's 4.3% increase. Statistics Canada's report is due at 830am EST Wednesday, and investors should watch for any flash estimate of sales for May, when there were also some local health shutdowns. The BOC and many economists see a strong consumer-led rebound starting in June as mass vaccinations led to re-openings.

Industry sources have told MNI there are signs of an increase in inflation during the summer, reflecting pent-up demand along with tight supply.