Canadian dollar declines amid lower wholesale sales, falling commodities

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TORONTO - The Canadian dollar was lower Monday amid data showing lower wholesale sales in March and mixed commodity prices.

The loonie was down 0.36 of a cent to 91.75 cents US as Statistics Canada reported that wholesale sales decreased 0.4 per cent to $50.5 billion. The decline followed two consecutive monthly gains.

The agency said that the motor vehicle and parts subsector recorded the largest decline in March. Excluding this subsector, wholesale sales edged up 0.1 per cent to $42.3 billion.

Markets are looking ahead to two other major reports this week.

The March reading on retail sales comes out Thursday and economists are looking for a rise of 0.3 per cent.

On Friday, markets will look to the latest inflation data and in turn what effect the reading could have on the Bank of Canada's interest rate announcement in early June.

Economists expect the inflation data will show that the consumer price index rose two per cent year over year during April, up from the 1.5 per cent reading registered in the previous month.

On the commodity markets, the June crude contract in New York declined 14 cents to US$102.47 a barrel.

Metals were also lower with July copper off two cents to US$3.15 a pound while June bullion faded $5.60 to US$1,288.20 an ounce.

Organizations: Statistics Canada, Bank of Canada

Geographic location: TORONTO, US, New York

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