Canada: S&P Global Manufacturing PMI improves in April

In April, the S&P Global Manufacturing PMI for Canada rose above 50. USD/CAD remains within the daily range at roughly 1.3550.

The S&P Global Manufacturing PMI increased to 50.2 from 48.6 in March, reflecting a modest increase in business activity in the Canadian manufacturing sector.

This figure was lower than the 50.5 market estimate. Although the manufacturing sector in Canada resumed growth in April, it did so only slightly, and the recovery appeared to be still be in its early stages, according to the underlying data.

Growth in output and employment was maintained, although another decline in new orders is perhaps the most noteworthy event. Customers are afraid to spend because they are unclear of the direction the economy will take them at a time when prices are rising.

The USD/CAD pair showed no immediate reaction to this report and was last seen trading modestly higher on the day at 1.3558.