In June, manufacturing sales in Canada were lower than predicted.
Despite disappointing statistics, the USD/CAD pair continues its daily fall toward 1.2450.
Manufacturing sales in Canada fell by 0.6 percent month over month in May, according to Statistics Canada data released on Wednesday. This number came in lower than the market consensus of a 1% increase after a fall of 2.1 percent in April.
“Sales in constant dollars fell 2.5 percent to $48.2 billion in May, the second straight dip showing a lesser volume of items sold as manufacturers dealt with supply chain challenges,” according to the journal. “Higher prices for lumber and other wood goods (+17.9%) boosted the Industrial Product Price Index by 2.7 percent in May. Manufacturers’ raw material costs increased by 3.2 percent “”Recent.”
Despite the poor report, renewed USD weakness pushed the USD/CAD pair lower, and it was last spotted at 1.2460, down 0.4 percent on the day./n
