Canada wholesale trade sales for March 1.4% vs 0.9% estimate
Canada wholesale trade sales for March 2019
- Canada wholesale trade sales 1.4% versus 0.9% estimate
- prior month revised to 0.2% from 0.3% previously
- the 1.4% gain was the fastest increase since October 2017 and the fastest gain in volumes since May
- The motor vehicle sector was the only one that declined
- wholesale sales rose in 6 of the 7 subcategories representing 82% of the total
- wholesale sales Ex autos and parts rose 2.2%
- motor vehicle and parts fell 2% in the month
- inventories to sales ratio fell to 1.4x in March from 1.42x in February
- The largest upside contributor was building materials and supplies category, +0.63%
- the largest downside contributorwas motor vehicles and parts categories, -0.35%
The only dark spot is the auto sector in this report, but the other categories more than made up for the weakness there. Canada retail sales yesterday were also better than expected.
The USDCAD is nevertheless, little changed. Crude oil prices continues to be a drag for the loonie. THe price of crude broke below the $60 level (and scooted to $59.78). We currently trade at $60.04. The price of crude is also below its 200 day moving average of $60.46. A close below the MA would be the first since April 1.