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Saturday, June 19, 2021

Canada wholesale trade sales for March 2.8% versus 1.0% estimate

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Canada wholesale trade sales for March 2021

Canada wholesale trade sales
  • prior report
  • wholesale trade sales for March rose by a greater 2.8% versus estimate of 1.0%.
  • This was the second increase in three months
  • the growth was due to increases in building material (+11.3%). Demand for new homes and home improvements are a leading contributor to the gains
  • supplies subsector and the miscellaneous subsector (+3.1% – the fifth increase in six months) were also higher and  big contributors
  • motor vehicles and motor vehicle parts and accessories (-0.3%) and farm products brand -1.6%) were the only two subsectors that saw declines
  • wholesale sales volumes were up 1.9% to $61.9 billion
  • March was the eighth consecutive month where wholesale sales volumes were higher than the $59.7 billion recorded before Covid 19 pandemic
  • Year on year volumes were up 3.7%
  • first-quarter sales set a record at $209.5 billion, a 3.9% increase over the 4th quarter of 2020 and an 8.9% increase over the 1Q of 2020. The sales were also the highest single quarter on record.
  • If the sales for the rest of 2021 remain at the same level as the 1Q, annual sales will be 11.1% higher than those in 2020

Overall you can’t deny the strength in the report. The USDCAD is falling back below its 100 hour moving average at 1.21173  after finding sellers against its 200 hour moving average earlier in the day .

USDCAD falls below its 100 hour moving average

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