Canada: Manufacturing Sales fell 0.2% in January vs. -0.5% expected

• Manufacturing Sales in Canada declined less than expected in January.
• USD/CAD continues to trade above 1.41 after data. 

Manufacturing Sales in Canada contracted by 0.2% in January to $56.1 billion, Statistics Canada reported on Tuesday. This reading marked the fifth straight monthly decline and came in slightly better than the market expectation for a fall of 0.5%.

"In volumes terms, manufacturing sales decreased 0.4%," Statistics Canada further noted in its publication.

USD/CAD reaction

The USD/CAD pair edged lower on this data but continues to trade at its highest level since January of 2016 at 1.4115, adding 0.7% on the day.