Canada manufacturing sector data

• Sales in the manufacturing sector (m/m) (June), fact -1.2%, forecast -1.8%

Manufacturing sales in Canada in July slowed less than expected. This can be regarded as a positive signal for the Canadian dollar. But given the pace of decline in this indicator, it is worth noting a significant decrease in the strength of the manufacturing sector in Canada.

Fig. 1. Canadian Manufacturing Sales Chart

The Canadian dollar reacted very restrained to these statistics, remaining at the mercy of sentiment and attempts to strengthen on the correction after the decline. General dynamics of the Canadian dollar remains restrained due to the limited oil market.

The USD/CAD from the start of the day has been trading in a narrow flat, maintaining an uptrend, being limited by support levels: 1.3300 and 1.3280, resistance: 1.3380 and 1.3400.

Fig. 2. USD/CAD chart. Current price – 1.3320

Read also: “Correction of the financial quarter”

Hanzenko Anton

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