Canada: Markit Manufacturing PMI improves to 50.2 in July vs. 49.5 expected

• Markit Manufacturing PMI rebounds above 50 threshold in Canada.
• The USD/CAD pair largely ignores the upbeat data, trades in the positive territory.

The data published by the IHS Markit today revealed that the business activity in the Canadian manufacturing sector expanded modestly in July with the Manufacturing PMI rising to 50.2 following June's reading of 49.2 This data also beat the market expectation of 49.5.

Nevertheless, the Loonie struggled to capitalize on this data and the USD/CAD pair was last seen trading at 1.3236, adding 0.38% on the day.

Commenting on the data, "July data provides some encouragement that the downturn in Canadian manufacturing production has started to lose intensity, with the latest survey pointing the slowest drop in output for four months," said Tim Moore, Economics Associate Director at the IHS Markit.