Statistics Canada released manufacturing shipments on Tuesday. Canadian manufacturing shipments plunged 1.4% in November, missing expectations for a 0.5% decrease, after a 1.1% drop in October.

October's figure was revised down from a 0.6% decline.

The decline was driven by weaker motor vehicle and chemical sales. Motor vehicle sales dropped 5.9% in November, while chemical sales declined 3.6%.

The International Monetary Fund cut its outlook for Canada's growth late Monday. It expect that Canada's economy will expand 2.3% this year, down from 2.4%.