Canadian Whole Sale Trade Data Shows the Increased Weakness

The wholesale trade sales fell to 0.3% in Canada in August

Skerdian Meta•Monday, October 19, 2020•1 min read

Let's hope we don't see a reversal down in the coming months

The economic rebound in Canada came later than in other countries and it was weaker, especially compared to the US, which is still keeping the pace of the recovery. Although, in August we have seen a cool down again the in the Canadian economy, as the data has shown recently. Today’s wholesale report confirmed the slowdown, as the economic growth fell to 0.3%, although slightly higher than expectations of 0.1%. This will catch up with the CAD, once US elections are over.

Canada August wholesale trade sales data:

August wholesale trade sales +0.3% vs +0.1% expected
July sales were +4.3% (revised to +5.2%)
4 of 7 subsectors rose, led by building materials and vehicles
Declines led by households goods
Sales are 1.7% above pre-pandemic levels
Inventories were flat

These numbers aren’t that solid and yet they are still outdated. I don’t know if they tell us anything about where the economy is in October. From what we have seen in other countries, the weakness should get worse in the coming months, as coronavirus restrictions increase again.

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.