- Manufacturing sales in Canada rose more than expected in August.
- Loonie capitalized on the upbeat data and gathered strength against the USD.
Statistics Canada on Thursday reported that manufacturing sales in August rose 0.8% to $57.6 billion in August following July’s 1.3% decline and came in better than the market expectation for an increase of 0.6%. “Manufacturing sales in constant dollars increased 0.6% in August, reflecting higher volumes of goods sold,” the press release read.
Other data from Canada revealed that the Automatic Data Processing’s (ADP) private sector employment came in at +28,200 in September and fell short of analysts’ estimate of 56,500.
The USD/CAD pair edged lower on the upbeat manufacturing sales figures and was last seen trading at 1.3165, losing 0.28% on a daily basis.
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