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Canada: Manufacturing Sales declined 0.7% in December, fourth straight negative reading

  • Manufacturing sector in Canada continued to weaken toward the end of 2019.
  • USD/CAD pair gained traction and rose toward 1.33 on disappointing data.

Manufacturing Sales in Canada fell by 0.7% to $56.4 billion in December to post the fourth consecutive negative reading, Statistics Canada reported on Tuesday. This figure missed the market expectation for an increase of 0.5% by a wide margin. Additionally, November's reading got revised down to -1% from -0.6%.

"Sales were down in 11 of 21 industries, representing 42.6% of the Canadian manufacturing sector," the press release read. "The largest declines were in the motor vehicle assembly and aerospace product and parts industries."

USD/CAD reaction

The USD/CAD pair shot higher after the disappointing data and was last seen trading at 1.3276, adding 0.32% on the day.

USD/CAD Price Analysis: Refreshes session tops, eyeing a move towards reclaiming the 1.3300 mark

The USD/CAD pair maintained its bid tone through the early North-American session on Tuesday and jumped to near one-week tops, around the 1.3275 regio
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USD/JPY still expected to remain sidelined in the next weeks – UOB

FX Strategists at UOB Group noted USD/JPY is still seen within a consolidative theme in the near-term. Key Quotes 24-hour view: “USD came close to the
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