Canada: Manufacturing sales likely to post a correction in June - TDS

Manufacturing sales for June are the lone economic release from Canada and both analysts at TD and the market are calling for a correction.

Key Quotes

“TD expects manufacturing sales to decline by 1.2% m/m, slightly worse than the -1.0% consensus, on a combination of weaker auto shipments and another leg lower in gasoline prices. This and a broader decline in factory prices should result in a more modest decline in real manufacturing sales.”