RBC released its RBC Canadian manufacturing PMI on Tuesday. The index declined to 50.8 in July from 51.3 in June.

"The RBC PMI indicates a second consecutive month of improving business conditions in July though still at a very modest pace and slightly below that achieved in June. As we enter the second half the year, a strengthening U.S. economy and weaker Canadian dollar should provide a greater boost to exports and business conditions for manufacturers," RBC assistant chief economist, Paul Ferley, said.