Canada: Markit Manufacturing PMI edges lower to 56.5 in June from 57 in May

• Markit Manufacturing PMI for Canada edged lower in June.
• USD/CAD stays in the red below 1.2400 after the data. 

The business activity in Canada's manufacturing sector continued to expand in June, albeit at a softer pace than it did in June, with the Markit Manufacturing PMI edging lower to 56.5 from 57 in May.

Commenting on the data, "although latest data revealed a moderation in output and new order growth at the Canadian manufacturing sector, it continued to highlight a robust expansion," said Shreeya Patel, Economist at IHS Markit. "Moreover, a record uptick in pre-production inventory holdings suggests firms are gearing up for another busy quarter while a rise in backlogs could see job creation continue."

Market reaction

The USD/CAD pair showed no immediate reaction to this report and was last seen losing 0.45% on the day at 1.2380.