Canada: Wholesale Sales declined by 2.2% to $63.9 billion in March

Wholesale Sales in Canada fell less than expected in March.
USD/CAD largely ignored the data and stays below 1.3900.

Eren Sengezer FXStreet

Statistics Canada reported on Wednesday that Wholesale Sales in Canada contracted by 2.2% to $63.9 billion in March. This reading came in better than the market expectation for a fall of 3.8%.

"In the first quarter of 2020, sales increased 1.4%, following a 1.4% decline in the fourth quarter of 2019," the publication further revealed. "Over three-quarters (75.9%) of wholesalers saw their business activity impacted by the COVID-19 pandemic."

Market reaction

This data doesn't seem to be having a significant impact on the CAD's performance against its major rivals. At the moment, the USD/CAD pair is down 0.35% on the day at 1.3892.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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