13 Feb Currency Exchange | Good news out of Canada’s manufacturing sector

Good news for Canadian Dollar| Currency Exchange |  Currency Converter|

It seems the benefits of a weaker Canadian dollar are finally filtering through to the country’s manufacturing sector. Manufacturing sales climbed 1.7% in December, according to Statistics Canada’s report today. This caused the foreign exchange rate for Canadian dollar to rise in the early sessions of the day.

The volume of petroleum and coal products sold increased in December, as refineries continued to ramp up productions. However, the 11.6% drop in the prices of industrial products erased the volume gains.

Sales of machinery climbed 5.2% and this is the highest mark since November 2011.

It is important to note that manufacturing still slumped in the fourth quarter compared to fourth quarter last year, but is up more than 5% for all of 2014.

Today’s report shows that the gains from a weaker Canadian dollar seems to be headed in the right direction, and is a healthy sign for the Canadian backdrop. The Canadian manufacturers seem to be benefiting from a weaker loonie and the ongoing strength in the U.S. economy.

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