Canada: Manufacturing Sales increase by 7% in July vs. 8.7% expected

• Manufacturing Sales in Canada rose less than expected in July.
• USD/CAD continues to trade in negative territory near 1.3150.

Manufacturing Sales in Canada increased by 7% to $53.1 billion in July, the data published by Statistics Canada showed on Tuesday. This reading followed June's 23% upsurge and came in worse than the market expectation of 8.7%.

Key takeaways

"Excluding the transportation industry, manufacturing sales grew 3.3%."

"Capacity utilization rates rose as many industries continued to ramp up production."

"Manufacturing sales in constant dollars increased 6.1%, indicating a higher volume of products sold in July."

Market reaction

The USD/CAD pair largely ignored this data and was last seen losing 0.16% on the day at 1.3152.