Royal Bank of Canada (RBC), the Supply Chain Management Association (SCMA) and Markit Economics released their RBC Canadian manufacturing PMI on Friday. The index rose to 51.5 in March from 49.4 in February. It was the highest level since December 2014.

The rise was mainly driven by stronger export demand.

"The low Canadian dollar contributed to further improvement in export volumes during the first quarter of 2016 and a return to growth in the manufacturing sector. In the remainder of 2016, we expect manufacturing conditions to continue to improve, driven by firm U.S. domestic demand and a weaker Canadian dollar which will drive demand for exports of autos, consumer goods, machinery, equipment and lumber," RBC senior vice-president and chief economist, Craig Wright, said.