Canada's manufacturing sales beat expectations in July

Canada's July manufacturing sales beat expectations (1.7%m/m vs. est. 1.1%) and details were firm as well. In volume terms, sales were up a decent 1.1%, and gains were fairly broad with 12/21 industries showing higher sales (making up 62.8% of the sector). As expected, autos were the big driver, representing almost 2/3rds of July gains. 

The upshot is that the BoC's 1.5%q/q projection for Q3 is now looking very achievable, which gives them more cover to maintain the 'wait and see' neutral tone that they conveyed in September