Canada: Markit Manufacturing PMI edges lower to 55.5 in October vs. 55.6 expected

• Markit Manufacturing PMI in Canada edged slightly lower in October.
• USD/CAD continues to trade in the red below 1.3300.

The economic activity in Canada's manufacturing sector continued to expand at a robust pace in October the IHS Markit's Manufacturing PMI coming in at 55.5 However, this reading missed the market expectation of 55.6 and was lower than September's print of 56.

Commenting on the data, "October data suggests another improvement in the health of the Canadian manufacturing sector as the PMI registered at 55.5," said Shreeya Patel, Economist at IHS Markit. "New orders and output have increased sharply with firms remaining optimistic that production will improve over the course of the year."

Market reaction

The USD/CAD pair showed no immediate reaction to this report and was last seen losing 0.3% on the day at 1.3277.