October economic data surprises the markets. Canadian retail sales excluding automobiles fell by 0.6% month-on-month, a significantly worse result than expected. Analysts had anticipated no growth, but the previous month showed a 0.2% increase.

This contraction reflects weakness in household consumption, a critical indicator that often impacts monetary policy decisions and affects investor sentiment in risk assets, including cryptocurrencies. When consumption slows down, expectations regarding interest rates and economic stimuli tend to be revised downward, movements that directly influence capital allocation toward emerging markets and alternative assets.