Canada: Manufacturing Sales increase by 2.1% in June vs. 2.5% expected

• Manufacturing Sales in Canada rose less than expected in June.
• USD/CAD climbs to fresh daily highs above 1.2560 after the data.

Manufacturing Sales rose by 2.1% on a monthly basis in June to C$59.2 billion, the data published by Statistics Canada reported on Monday. This reading followed June's contraction of 0.3% and missed the market expectation for an increase of 2.5%.

Additional takeaways

"Total inventories rose 1.9% in June to a record high $92.1 billion, driven by higher inventories of machinery (+5.7%) and chemicals (+2.0%)."

"The inventory-to-sales ratio was unchanged at 1.56 in June."

"Following two consecutive declines, unfilled orders increased 1.4% to $88.7 billion in June."

Market reaction

The USD/CAD edged slightly higher after this report and was last seen trading at a fresh daily top of 1.2564, rising 0.4% on the day.