Canada: Markit Manufacturing PMI improves modestly to 55.8 in November as expected

• Markit Manufacturing PMI in Canada rose modestly in November.
• USD/CAD trades in the red near mid-1.2900s after the data. 

The business activity in Canada's manufacturing sector continued to expand at a robust pace in November with the IHS Markit Manufacturing PMI improving to 55.8 from 55.5 in October. This reading came in line with analysts' estimate.

Commenting on the data, "latest survey data shows encouraging signs at the Canadian manufacturing sector as it continues to recover from the second quarter downturn," said Shreeya Patel, Economist at IHS Markit. " New orders, output and employment all continue to expand in November. At the same time, businesses foresee an improvement in production levels in the year ahead after a sustained period of growth was recorded in domestic demand."

Market reaction 

The USD/CAD pair edged slightly lower after this data and was last seen losing 0.35% on the day at 1.2955.