Higher sales were recorded in five of seven subsectors accounting for 86% of total wholesale sales. The motor vehicle and motor vehicle parts and accessories subsector was the leading contributor to April’s gains, followed by the machinery, equipment and supplies subsector. After removing the effects of price changes, wholesale sales increased 1.6% from March to April. These numbers were fully expected and reinforce that Canada’s economy will pick up in the second half of 2019.
The Canadian dollar is a bit stronger based on this data and also on the news that Mitsubishi is buying Bombardier’s Regional Jet Unit for $550 million CAD, plus oil prices are moving into positive territory. Expect the CAD to get a little stronger in the short term.
Currently Close Range
USDCAD 1.3165 1.3180 1.3153-1.3197
EURCAD 1.4980 1.5023 1.4982-1.5050
GBPCAD 1.6740 1.6794 1.6725-1.6858
US: New Home Sales May 679K 626K
Consumer Confidence June 131.3 121.5
CA: Wholesale Trade April $64.2B $65.3 B