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CAD Wholesale Sales (Mar) Actual -0.6%, Expected -0.8%, Previous -0.9% (Revised from -0.6%)
Release Explanation: Measures the total value of sales at the wholesale level. “A rising trend has a positive effect on the nation's currency because increased sales at the wholesale level and are a good indication that there is high consumer demand at the retail level”, TheLFB-Forex.com Trade Team said
TheLFB-Forex.com Trade Desk Thoughts: According to Statistics Canada, wholesale sales declined 0.6% to $40.5 billion in current dollars in March. Declining sales in the building materials and machinery and electronic equipment sectors were important factors contributing to this decrease. In terms of the volume of sales, wholesale sales were down 1.3%.
In March, four out of seven sectors, accounting for two-thirds of total wholesale sales, posted declines. Of the 15 wholesale trade groups, 9 reported lower inventory levels, including lumber and millwork (-4.0%), office and professional equipment (-2.1%), metal products (-1.3%) and building supplies (-1.1%). These declines were offset by increases in inventories of the food products (+1.5%), machinery and equipment (+1.0%), and motor vehicles (+1.7%) trade groups.
Forex Technical Reaction: The cad (Usd/Cad) is trading slightly below the neutral pivot point (1.1455), after gaining approximately 90 pips since the London open
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