Canada's Dollar Little Changed After Wholesale Sales Climb


Canada's dollar was little changed after a report showed the country's wholesale sales rose at the fastest pace in more than a year, while commodities including crude oil and gold fell.

Canada's dollar was little changed after a report showed the country's wholesale sales rose at the fastest pace in more than a year, while commodities including crude oil and gold fell.

The Canadian currency traded at C$1.0659 per U.S. dollar at 9:54 a.m. in Toronto, from C$1.0646 yesterday. One Canadian dollar buys 93.81 U.S. cents. The currency has dropped 6.2 percent this year.

June wholesale sales advanced 2 percent, Statistics Canada said today, almost triple the 0.7 percent median forecast of 16 economists in a Bloomberg survey, as shipments of cars recovered after a strike. That compares with a revised gain of 1.5 percent in May.

After reaching parity with its U.S. counterpart in September for the first time in three decades, Canada's dollar sank to a one-year low last week and has lost 5.2 percent since crude oil reached a record $147.27 a barrel on July 11. Commodities such as crude account for about half of Canada's exports.

Crude for September delivery fell for a fourth day to as low as $111.64 a barrel, near the lowest in four months. Gold fell below $800 an ounce.


TradingEconomics.com, Bloomberg
8/19/2008 8:59:35 AM