Canada: Manufacturing sales declined 1.3% in July vs. -0.2% expected
|- Manufacturing sales in Canada decreased more than expected in July.
- The CAD came under modest selling pressure on the disappointing data.
According to the data released by Statistics Canada on Tuesday, manufacturing sales in Canada contracted by 1.3% to $57.2 billion in July and missed the market expectation for a decline of 0.2%.
With the initial market reaction, the Loonie came under pressure and the USD/CAD pair was last seen trading at 1.3267, adding 0.25% on a daily basis.
"Sales were down in 11 industries in July, representing 66.8% of total manufacturing sales," the press release read. "The decline in July was mainly due to lower sales in the primary metal and motor vehicle industries. The food industry posted the largest gain."
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