Forex: USD/CAD Dips on Canadian Wholesale Trade Data

on Jun 19, 2013
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During today’s Asian session USD/CAD rose by 0.16 percent and hit a six-day high at 1.0237 prior to the release of Canadian wholesale trade data.

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Sales by Canadian wholesale merchants rose 0.2 percent m/m in April, missing expectations of 0.3 percent rise but faster than the monthly growth of 0.1 percent recorded in March. Canada’s national statistical agency attributed the rise in April to increased sales of computer and communications equipment and in the supplies industry.
Following the release of the Canadian data the USD/CAD has remained depressed during the mid-European session and has posted a session low of 1.0183 to this point.
Further relevant information for the pair is expected to come from the first official speech of Bank of Canada’s new Governor Stephen Poloz scheduled for 17:40 BST.
US Fed is expected to announce at 19:00 BST that it will keep benchmark interest rate unchanged at 0.25 percent.

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