Loonie Extends Decline After Underwhelming Wholesale Sales

The Canadian dollar attempted to rise in the Tuesday session but failed and backed off. The currency extended its decline following the release of underwhelming wholesale sales data.

Canadian wholesale sales fell 0.5% in December, the first decline in three months. Analysts had predicted an increase by 0.4%. The previous month’s gain was revised from 0.7% down to 0.3%.

USD/CAD jumped from 1.2558 to 1.2642 as of 22:22 GMT today. EUR/CAD opened at 1.5579 and declined to the daily low of 1.5534 before bouncing to 1.5598.

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