Investing.com - Canadian wholesale sales rose significantly more than expected in April, official data showed on Wednesday.
In a report, Statistics Canada said wholesale sales increased by a seasonally adjusted 1.2% in April, easily surpassing forecasts for a 0.3% gain. Wholesale sales declined by 0.3% in March.
Higher sales were recorded in all subsectors except for food, beverage and tobacco. The subsectors that rose in April accounted for 80% of wholesale sales.
Following the release of the data, the Canadian dollar turned higher against its U.S. counterpart, with USD/CAD shedding 0.01% to hit 1.0860, compared to 1.0869 ahead of the data.