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18 Feb 2020
Canada: Manufacturing Sales declined 0.7% in December, fourth straight negative reading
- Manufacturing sector in Canada continued to weaken toward the end of 2019.
- USD/CAD pair gained traction and rose toward 1.33 on disappointing data.
Manufacturing Sales in Canada fell by 0.7% to $56.4 billion in December to post the fourth consecutive negative reading, Statistics Canada reported on Tuesday. This figure missed the market expectation for an increase of 0.5% by a wide margin. Additionally, November's reading got revised down to -1% from -0.6%.
"Sales were down in 11 of 21 industries, representing 42.6% of the Canadian manufacturing sector," the press release read. "The largest declines were in the motor vehicle assembly and aerospace product and parts industries."
USD/CAD reaction
The USD/CAD pair shot higher after the disappointing data and was last seen trading at 1.3276, adding 0.32% on the day.