Canadian dollar under pressure as the Canadian Wholesale Sales came below the expectation.
Canadian Wholesale Sales released by the Statistics Canada registered a decline of 0.4% in February 2015, compared to the preceding month.
USDCAD has a major support at 1.2210-00 and resistance ahead at 1.2260.
Canadian Wholesale Sales (Canadian Dollar)
Canadian Wholesale Sales
Earlier during the NY session, the Canadian Wholesale Sales which help in calculating the value of sales made by wholesalers in Canada was released by the Statistics Canada. The market was not expecting an increase in sales in February 2015, compared to the preceding month. However, the outcome was softer compared to the expectation, as the Canadian Wholesale Sales declined by 0.4% to $53.6 billion, compared to the last revised decrease of 2.9%. This was disappointing considering the fact that this was the lowest level in six months.
Considering the change in the volume, the Canadian Wholesale Sales were down by 0.7%. The most discouraging thing was the fact that sales were down in three of seven Subsectors. The Subsector which registered the largest decrease in dollar terms in February 2015 was the building material and supplies. There was a decline of 2.7% to $7.4 billion, which was the lowest level since May 2014 as per the report published. Furthermore, every industry within building material and supplies Subsector added to the fall in sales.
The next Subsector was the machinery, equipment and supplies, which posted a decline of 1.3% to $11.2 billion. This was one of the largest declines in seven months. The third one was the motor vehicle and parts Subsector. It decreased by 1.4% to $8.8 billion in February 2015, compared to the preceding month.
There were increases as well, including in the miscellaneous Subsector, which posted a rise of 2.1% to $7.4 billion. The food, beverage and tobacco Subsector also gained by 0.4% to $10.5 billion.
Overall, the data was on the disappointing side and ignited selling pressure on the Canadian dollar. The USDCAD pair traded higher and was seen challenging the 1.2250-60 resistance area. A break above the same might take it towards the 1.2280 swing high where sellers could appear.
The bearish pressure on the Euro was increased, as there was rumor surrounding that the ECB might cut support for banks in Greece. Futures for the Dow Jones Industrial Average traded lower towards 18,020 and the S&P 500 index was unchanged at 2,100.
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