Canada’s wholesale sales rise 0.6% in June, slightly better than expected. In addition, the previous number was revised up to 2.3%. Canadian wholesale sales were expected to rise by 0.4% in June after 2.2% in May. While this is a relatively late figure, it usually has a lot of impact on the loonie.
USD/CAD traded around 1.0950 just before the publication. The better than expected number pushes Dollar/CAD lower, helping it gain some distance from the dreaded 1.10 line.– more coming
The Canadian dollar bowed before the strength of the US dollar. The latter has been rallying across the board. The gains that the C$ made towards after the corrected jobs data were erased.
For reference, here is the preview: trading the Canadian wholesales sales with USD/CAD.
The 1.10 level is critical for the pair. Upon breaking below the round number, the pair went further below and hasn’t breached this level for a long time.
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