- Manufacturing sales in Canada contracted at a stronger-than-expected rate in July.
- USD / CAD is trading in negative territory around 1.2620.
Manufacturing sales in Canada declined 1.5% on a monthly basis to C $ 59.6 billion in July, data released by Statistics Canada on Tuesday revealed. This reading followed the June expansion of 2.1% and disappointed the market’s expectation of a 1% decline.
“Sales in constant dollars decreased 1.7% to Cdn $ 48.9 billion in July, indicating a lower volume of goods sold,” the publication read. “The price index for industrial products decreased 0.4% in July, while the price index for raw materials rose 2.2%.”
Market reaction
Despite the disappointing data, the pair USD / CAD it is declining amid renewed USD weakness early in the US session. At time of writing, the pair was down 0.2% to 1.2625.
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