Statistics Canada released manufacturing shipments on Tuesday. Canadian manufacturing shipments declined 0.9% in March, beating expectations for a 1.8% decrease, after a 4.0% drop in February. February's figure was revised down from a 3.3% fall.

The decrease was mainly driven by lower sales of transportation equipment and primary metals. Transportation equipment sales plunged 3.4% in March, while sales of petroleum and coal products dropped 5.6%.

Inventories decreased 0.4% in March, driven by drops in aerospace product and parts, primary metals, and wood product industries inventories.