Home Canada: Manufacturing Sales increased by 0.5% to $56.2 billion in February
FXStreet News

Canada: Manufacturing Sales increased by 0.5% to $56.2 billion in February

  • Manufacturing Sales in Canada surprisingly increased in February.
  • The USD/CAD pair dropped below the 1.41 mark after the data. 

Manufacturing Sales in Canada rose by 0.5% on a monthly basis in February to $56.2 billion, the data published by Statistics Canada revealed on Thursday. This reading came in better than the market expectation for a decline of 0.1%.

“At the national level, the impact of the rail blockades and COVID-19 disruptions in February lowered total manufacturing sales (seasonally adjusted) by an estimated $465 million (-0.8%), according to respondents,” Statistics Canada noted in its press release. “Without these disruptions, total manufacturing sales would have risen by an estimated 1.3% in February compared with the figure in January.”

Market reaction

The CAD gathered strength against its rivals on the upbeat data and the USD/CAD pair was last seen erasing 0.25% on a daily basis at 1.4072.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.