Canada: Manufacturing Sales decline by 2% to $52.4 billion in August

Manufacturing Sales in Canada fell sharply in August.
USD/CAD trades with modest losses above 1.3200 after the data.

Eren Sengezer FXStreet

Manufacturing Sales in Canada declined by 2% to $52.4 billion in August, the data published by Statistics Canada revealed on Friday. This reading followed July's impressive increase of 7.2% and came in worse than the market expectation for a fall of 1.4%.

"Excluding transportation equipment, manufacturing sales rose 1.1%," Statistics Canada said in its press release. "Total manufacturing sales in August were 6.6% below February's pre-pandemic levels. Manufacturing sales in constant dollar fell 2.2%, indicating a smaller volume of products was sold in August."

Market reaction

The USD/CAD pair edged slightly higher from session lows after this data and was last seen losing 0.07% on the day at 1.3210.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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