Canada: Manufacturing Sales rise by 0.5% in August as expected

• Manufacturing Sales in Canada rose modestly in August.
• USD/CAD trades in the negative territory below 1.2400.

Manufacturing Sales in Canada increased by 0.5% on a monthly basis in August to C$60.3 billion, the data published by Statistics Canada revealed on Thursday. This reading followed July's decrease of 1.2% and came in line with the market expectation.

"Sales in constant dollars increased 0.6% in August, indicating that the monthly gain resulted entirely from higher sales volume," the publication further read. "The Industrial Product Price Index decreased 0.3% month over month, while the Raw Materials Price Index decreased 2.4%, the first decline since September 2020."

Market reaction

The USD/CAD pair remains on the back foot after this report and was last seen losing 0.45% on a daily basis at 1.2386.