- Manufacturing Sales in Canada contracted at a stronger pace than expected in July.
- USD/CAD trades in the negative territory around 1.2620.
Manufacturing Sales in Canada declined by 1.5% on a monthly basis to C$59.6 billion in July, the data published by Statistics Canada revealed on Tuesday. This reading followed June's expansion of 2.1% and came in worse than the market expectation for a decrease of 1%.
"Sales in constant dollars declined 1.7% to C$48.9 billion in July, indicating a lower volume of goods sold," the publication further read. "The Industrial Product Price Index decreased 0.4% in July, while the Raw Materials Price Index rose 2.2%."
Market reaction
Despite the disappointing data, the USD/CAD pair is edging lower amid renewed USD weakness in the early American session. As of writing, the pair was down 0.2% at 1.2625.
