Forexpros – Canadian wholesale sales rose more-than-expected in October, official data showed on Monday.
In a report, Statistics Canada said wholesale sales rose by 0.9% in October, beating expectations for a 0.6% gain.
September’s figure was revised up to a 0.5% gain from a previously reported 0.3% increase.
Year-on-year, Canadian wholesale sales rose at an annualized rate of 8.3% in October, after climbing 7.7% in September.
Canadian wholesale sales totaled CAD49.2 billion in October.
According to the data, the largest increase in dollar terms came in the machinery, equipment and supplies subsector, where sales rose 1.0% to CAD10.5 billion in October, continuing their upward trend.
Sales in the food, beverage and tobacco products subsector advanced 1.1% during the month. This gain was based solely on the strength of the food products industry, which rose 1.4% in October.
Following the release of the data, the Canadian dollar added to gains against its U.S. counterpart, with USD/CAD shedding 0.35% to trade at 1.0345.
Forexpros
