Canada manufacturing sales for June 20.7% vs. 16.4% estimate
Highlights for Canada manufacturing sales for June 2020
- Canada manufacturing sales for June rose by a greater than expected 20.7% vs. 16.4% estimate
- manufacturing sales ex auto +10.3% in June
- sales rose across all 21 industries
- new orders increased by 23.6% in June
- year on year new orders are down 16.4%
- total inventories fell by -0.3%, -1% year on year
- inventory to sales ratio falls to 1.79 in June vs. 2.16 in the previous month
- transportation equipment category was the largest increase with a gain of 25.93%
- manufacturing sales fell -15.6 year on year
- capacity utilization came and 73.3% vs. 81.3% a year ago
A strong rebound and much better-than-expected in manufacturing sales in Canada is a rebound from the coronavirus continued in June.
The USDCAD has moved from a high around 1.3251 to a low of 1.3228 on the news headlines (and weaker US retail sales). The low has reached down to a swing area between 1.3228 1.3233. Moving below the 1.3228 level should be more bearish and lead to more downside probing. Yesterday, the price of the USDCAD reached its lowest level since January 30, 2020.