Canada: Markit Manufacturing PMI edges lower to 56.2 in July from 56.5

• Markit Manufacturing PMI for Canada declined modestly in July.
• US Dollar Index continues to edge higher toward 1.2550.

The business activity in Canada's manufacturing sector continued to expand in July, albeit at a softer pace than it did in June, with the Markit Manufacturing PMI edging lower to 56.2 from 56.5.

Commenting on the data, "another robust improvement in operating conditions was seen across Canada's manufacturing sector in July," noted Shreeya Patel, Economist at IHS Markit.

"Intense price pressures continued into the second half of the year, though firms have been passing on the higher expenses," Patel added. "Nevertheless, manufacturers in Canada expect growth to continue."

Market reaction

The USD/CAD pair preserves its bullish momentum after this report and was last seen rising 0.27% on the day at 1.2543.