Canadian dollar dips in anticipation of key economic data releases

The Canadian dollar saw a slight dip against the US dollar, with the USDCAD currency pair. This movement comes as the markets anticipate the release of preliminary manufacturing and wholesale sales data from Canada.

Manufacturing sales rose, primarily driven by increases in the sales of transportation equipment, primary metals, and chemical products. This data is crucial as it measures the change in the overall value of sales at the manufacturing level, indicating the health and growth of the manufacturing sector.

If the preliminary data shows a similar or greater increase, it could signal continued strength in the Canadian manufacturing sector, potentially boosting the CAD. Conversely, weaker-than-expected data could weigh on the currency.

Read more to find out why Canadian dollar dipping.