After contracting by 27.9% in April, Manufacturing Sales in Canada recovered sharply in May and rose increased by 10.7% to $40.2 billion, the data published by Statistics Canada showed on Wednesday. This reading came in better than the market expectation of 9.5%.
"Many manufacturers resumed operations following full or partial shutdowns related to COVID-19 during the previous month," Statistics Canada noted in its press release. "Nevertheless, total manufacturing sales in May were 28.4% below their pre-pandemic level in February."
Market reaction
The USD/CAD pair edged slightly lower after this upbeat data and was last seen losing 0.35% on the day at 1.3565.
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