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.
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