Canada: Manufacturing sales rose 0.8% to $57.6 billion in August after July's 1.3% decline

Manufacturing sales in Canada rose more than expected in August.
Loonie capitalized on the upbeat data and gathered strength against the USD.

Eren Sengezer FXStreet

Statistics Canada on Thursday reported that manufacturing sales in August rose 0.8% to $57.6 billion in August following July's 1.3% decline and came in better than the market expectation for an increase of 0.6%. "Manufacturing sales in constant dollars increased 0.6% in August, reflecting higher volumes of goods sold," the press release read.

Other data from Canada revealed that the Automatic Data Processing's (ADP) private sector employment came in at +28,200 in September and fell short of analysts' estimate of 56,500.

The USD/CAD pair edged lower on the upbeat manufacturing sales figures and was last seen trading at 1.3165, losing 0.28% on a daily basis.

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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