Daily digest market movers: Canadian Dollar churns on Wednesday, eases against Greenback

• Canadian Wholesale Sales likely contracted by 0.9% in May, according to a Statscan flash estimate.
• A decline in upstream business activity will put renewed pressure on Friday’s upcoming Canadian GDP print, which is forecast to rise to 0.3% MoM in April after the previous 0.0%.
• US New Home Sales in May also declined on Wednesday, coming in at -11.3% MoM. This is the sharpest downside correction since July 2022 as housing activity remains subdued.
• US Bank Stress Test information is due later on Wednesday.
• Markets look ahead to Thursday’s US GDP revision for the first quarter, which is expected to hold steady at 1.3% QoQ.