Statistics Canada released manufacturing shipments on Wednesday. Canadian manufacturing shipments rose 2.3% in January, beating expectations for a 0.5% increase, after a 1.4% increase in December. December's figure was revised up from a 1.2% rise.

The increase was mainly driven by higher motor vehicle products sales. Motor vehicle rose 9.6% in January, while sales of food climbed 4.6%.

Inventories increased 0.6% in January, driven by a rise in the transportation equipment industry.