Canada: Markit Manufacturing PMI edges higher to 57.2 in August vs. 56.4 expected

• Markit Manufacturing PMI in Canada rose modestly in August.
• USD/CAD stays in the negative territory below 1.2600.

The business activity in Canada's manufacturing sector continued to expand at a robust pace in August with the Markit Manufacturing PMI improving to 57.2 from 56.2 in July. This reading came in higher than the market expectation of 56.4.

Commenting on the data, "Canada's manufacturing sector recorded another robust improvement in operating conditions in August," said Shreeya Patel, Economist at IHS Markit. "The latest uptick gained momentum from that seen in July after demand in both domestic and international markets rose further. Higher inventory levels in response to greater output requirements also supported growth."

Market reaction 

The USD/CAD pair showed no immediate reaction to this report and was last seen posting modest daily losses at 1.2595.