Canada Wholesale Trade Down 0.5% in June

The value of Canadian wholesale trade dropped 0.5 percent in June following eight straight months of growth, weighed down by lower sales of food and motor vehicles, according to Statistics Canada.

Five of the seven sub sectors, representing 73 percent of wholesale trade, reported declines as sales dropped in six provinces. In volume terms, sales fell 0.7 percent.

The food, beverage and tobacco subsector dropped 1.0 percent. Motor vehicles and parts dealers were also down 1.0 percent.

Sales in the western energy-producing province of Alberta tumbled 3.7 percent, its first decline in nine months.

Inventories reported their 10th increase in 11 months, climbing 0.6 percent to hit a record peak on the back of a 3.2 percent growth in the personal and household goods subsector.

The Canadian dollar remains strong against the U.S. dollar despite the sharp drop in oil prices. Last week, the loonie hit a two-week peak against the greenback pulled down by political uncertainty, after Canadian data revealed a rise in the rate of underlying inflation while oil prices increased.

In Canada, investors will also pay attention to the release of the retail sales data due on Tuesday.

News are provided by InstaForex