We got preliminary estimates for October’s manufacturing sales Monday, which are tracking 1.1% lower M/M after the transportation-led beat in September…

… driving expectations for a small 0.1% decline in wholesale sales.

The weaker manufacturing results look to be driven in part by weaker wood product sales, as higher lumber duties rock exports and drive industry-wide production curtailments…

… prompting Carney to signal more supportive measures would be announced soon. That gave the Canadian producers a strong bid yesterday…

… that will likely be contingent on that support coming quickly.

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