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  • Markit Manufacturing PMI for Canada recovered sharply in June.
  • USD/CAD continues to trade below 1.3600 after the data.

The economic activity in Canada’s manufacturing sector contracted at a much softer pace in June than it did in May with the Markit Manufacturing PMI climbing to 47.8 from 40.6.

Commenting on the data, “the latest Canada Manufacturing PMI highlights a vastly improved situation in comparison to that seen over the previous three months,” said Tim Moore, Economics Director at the IHS Markit. “Despite another improvement in their expectations for production during the year ahead, manufacturers continued to report highly subdued underlying demand in June, alongside widespread concerns about the global economic outlook.”

Market reaction

The USD/CAD pair largely ignored this data and was last seen trading flat on the day at 1.3585.