The Canadian dollar gained against the euro yesterday thanks to the release of Canadian wholesale sales figures, which rose by 0.8% to hit $53.9bn in March – following two consecutive monthly declines. Five of the seven subsectors recorded showed higher sales in March, with building material and supplies recording the largest gain – a 2.8% increase to $7.6bn. Food, beverage and tobacco was up for a fifth consecutive month – a 1.5% increase to $7.7bn. Sales also rose across three provinces, with Ontario experiencing the biggest gain.
The positive data looks set to continue from Canada as we enter the summer – when economic activity here, especially in construction, normally increases.
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