The highlights of the July Canada manufacturing sales

  • Prior was +1.1% revised up to 1.3%
  • manufacturing sales ex-autos +0.7% versus June +1.1% (revised from +0.9%)
  • factory new orders -1.8% versus June -1.6% (revised from -1.8%)
  • unfilled orders 0.0% versus 1.8% last month (revised, +1.7%)
  • inventories +1.2% vs +0.5%
  • inventory to sales ratio 1.41 (unchanged from June)

The sales were better but new orders are disappointed. The USDCAD has moved lower on the headlines (higher CAD) and looks to test the 100 hour MA at 1.30183. The trend line comes in at 1.30135.