Canadian Dollar Gains with Help from Manufacturing Sales

The Canadian dollar posted gains today with help from manufacturing sales and doubts about quantitative easing from the Federal Reserve that improved the risk sentiment on the Forex market. Canadian manufacturing sales grew 1.7 percent in July, beating the market expectations of 0.6 percent by a wide margin. The June reading was revised positively from -0.5 percent to -0.1 percent. Worse-than-expected macroeconomic data from the United States made investors less certain about QE tampering this week and this increased risk appetite on the market. USD/CAD declined from 1.0322 to 1.0292 as of 16:23 GMT today and its daily low of 1.0273 was the weakest since August 1. EUR/CAD ticked down from 1.3764 to 1.3743.