Canada: Wholesale Sales increase by 4% in January vs. 5% expected

• Wholesale Sales in Canada rose less than expected in January.
• USD/CAD trades in the positive territory following the earlier drop.

Wholesale Sales in Canada rose by 4% in January to $69.2 billion, the monthly report published by Statistics Canada showed on Friday. This reading followed December's decline of 1.1% and came in slightly weaker than the market expectation for an increase of 5%.

"The last time the wholesale trade sector recorded growth that strong, other than the rebound following the COVID-19-induced decline in April 2020, was in December 2014," the publication read. "Wholesale sales volumes grew 3.7% in January."

Market reaction

The USD/CAD pair, which fell sharply toward 1.2500 after the strong labour market report from Canada, was last seen gaining 0.15% on the day at 1.2545.