Canada: Manufacturing Sales rise by 3.5% in March as expected

• Manufacturing Sales in Canada rose sharply in March as expected.
• USD/CAD extends daily slide toward 1.2100 after the data.

Manufacturing Sales in Canada increased by 3.5% to the highest level since June 2019 at $57.8 billion in March, the data published by Statistics Canada revealed on Friday. This reading came in line with the market expectation.

"The capacity utilization rate (not seasonally adjusted) for the total manufacturing sector increased from 75.5% in February to 80.1% in March, the highest level since October 2019, driven by higher production," the publication further read.

Meanwhile, other data from Canada showed that Wholesale Sales in March rose by 2.8% after contracting by 0.9% in February.

Market reaction

The USD/CAD pair continues to push lower after these data and was last seen losing 0.36% on the day at 1.2116.