Investing.com – Canadian wholesales rose significantly more-than-expected in August, posting the largest increase since January, official data showed on Wednesday.
In a report, Statistics Canada said wholesale sales rose by a seasonally adjusted 1.2% in August, after declining by 0.1% in July.
Analysts had expected wholesale sales to rise by 0.5% in August.
The report showed that wholesale sales rose to CAD 44.5 billion in August, with the largest increase recorded in the machinery, equipment and supplies sub-sector, which climbed 3.2% to CAD 9.4 billion in August. This was the subsector's highest level since December 2008.
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.46% to hit 1.0287.
In a report, Statistics Canada said wholesale sales rose by a seasonally adjusted 1.2% in August, after declining by 0.1% in July.
Analysts had expected wholesale sales to rise by 0.5% in August.
The report showed that wholesale sales rose to CAD 44.5 billion in August, with the largest increase recorded in the machinery, equipment and supplies sub-sector, which climbed 3.2% to CAD 9.4 billion in August. This was the subsector's highest level since December 2008.
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.46% to hit 1.0287.