The Canadian consumer isn't cracking yet, but the momentum is fading

Scotiabank published its NielsenIQ Omnishopper and the headline number is a deceleration: consumer spending growth ran at +6.1% y/y in the four weeks to July 11. That's down from +8.1% in May and +7.1% in June. The trailing 12-week figure dipped to +6.4% from +7.1% a month ago. They say it's a "slight negative," with caution heading into the September reporting season. It's certainly not a…