Canada Markit manufacturing PMI

  • Prior was 54.4
  • Output 54.1 vs 53.7 prior
  • New orders 54.6 vs 53.9 prior
  • Export orders 50.6 vs 49.4
  • Backlog of work 52.4 vs 51.8 (3.5 year high)

Solid month despite a strengthening Canadian dollar. Comments from companies suggested a pickup in orders in the energy sector were a driver.

There is a lot of good news here and the BOC could quickly shift back into rate-hike mode.