Canadian dollar up slightly amid rising wholesale sales for February

TORONTO – The Canadian dollar was little changed Tuesday amid data showing a solid rise in wholesale sales during February.

The loonie edged up 0.02 of a cent to 90.81 cents US.

Statistics Canada reported that wholesale sales rose for a second consecutive month in February, up 1.1 per cent to $50.7 billion, led by motor vehicle and parts. Excluding this subsector, wholesale sales rose 0.8 per cent.

Traders also looked ahead to Wednesday for the latest retail sales data. Statistics Canada is expected to report that retail sales in February rose 0.4 per cent from January, when sales posted a big 1.3 per cent bounce from the poor performance registered in December because of severe ice storms.

Economists expect a good chunk of the gain will be driven by higher gasoline prices.

The big number for the U.S. this week is March durable goods data coming out on Thursday. Economists looked for goods orders to have risen by 1.9 per cent following a 2.2 per cent gain in February.

On Tuesday, commodity prices were mixed with the May crude contract in New York down $1.02 to US$103.35 a barrel.

June bullion was up 80 cents to US$1,289.30 an ounce while May copper was unchanged at US$3.04 a pound.