- Manufacturing sales in Canada fell more than expected in June.
- The USD / CAD pair extends the daily slide towards 1.2450 despite the uninspiring data.
Manufacturing sales in Canada contracted 0.6% on a monthly basis in May, data released by Statistics Canada on Wednesday revealed. This reading followed April’s 2.1% drop and was worse than the market’s expectation of a 1% rise.
“Sales in constant dollars declined 2.5% to $ 48.2 billion in May, the second consecutive decline indicating lower volume of goods sold as manufacturers continued to grapple with supply chain issues,” the statement read. publication. “The Industrial Products Price Index increased 2.7% in May, due to higher prices of wood and other wood products (+ 17.9%). Prices of raw materials purchased by manufacturers rose 3.2%.”
Market reaction
Despite the disappointing data, the pair USD / CAD came under bearish pressure from renewed USD weakness and was last seen shedding 0.4% on the day at 1.2460.
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