At 8:30 AM EDT, the Canada Wholesale Sales will be released for the month of May.
Last month Canada’s Wholesale Sales rose by 1.4%. This was higher than expectations and was attributed to increases in the sales of electronics and pharmaceuticals. Electronics alone increased by 7.2% on the month. The expected aggregate gain was expected to be +0.8%.
This month the expectation is for a slowing to +0.5%. Although lower, this would be the 3rd gain in a row for the statistic. The Bank of Canada released their Monetary Policy Report yesterday for the quarter and the results were largely neutral with expectation of higher inflation and slower growth in the short term. They are content with rates at the current levels. The USDCAD is likely to remain in the 0.9700 to 1.0300 range for the time being.