Canadian Wholesale Sales Rebounds From Record Drop

Canadian wholesale sales rebounded in October from the biggest drop in almost two years, led by higher food and motor vehicle receipts, adding to evidence the economy may have accelerated in the fourth quarter.

Sales rose 0.9 percent in October to C$49.2 billion ($49.9 billion) after a revised 1.5 percent decline in September, Statistics Canada said today in Ottawa. The gain exceeded all 14 forecasts in a Bloomberg survey, which had a median estimate of a 0.5 percent increase.

The report adds to evidence the world’s 11th largest economy may be rebounding after a weak third quarter. Other reports published this month have shown greater-than-forecast increases in employment and building permits.

Bloomberg

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Dean Popplewell

Dean Popplewell

Director of Currency Analysis and Research at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2007, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell