Canada: Manufacturing PMI edges lower to 57.2 in April from 58.5

• Markit Manufacturing PMI in Canada retreated modestly in April.
• USD/CAD continues to trade in a narrow range below 1.2300.

The business activity in Canada's manufacturing sector continues to expand in April, albeit at a slower pace than it did in March with the Markit Manufacturing PMI edging lower to 57.2 from 58.5.

Commenting on the data, "despite moderating form March's near-survey peaks, output and new order growth were robust, while rising backlogs supported additions to headcounts in April," noted Shreeya Patel, Economist at IHS Markit. "Firms also added to their stockpiles, suggesting greater production in the coming months."

Market reaction 

The USD/CAD pair showed no immediate reaction to this report and was last seen posting small daily gains at 1.2292.