Canadian November data - was +1.5% - Estimates ranged from +0.6% to +2.0% - Wholesale inventories -1.2% - Trade up 10.8% y/y - Inventories up 7.3% y/y Digging into the numbers, two things stand out. The first is that auto inventories rose another 0.7% and are up 17.7% y/y. That's certainly bloated. The other is that (along with autos) this
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