The 0.3 percent increase for Canadian manufacturing sales in September topped economists' expectations for a gain of 0.1 percent, though the rise was driven largely by the transportation equipment sector and a rise in overall prices.
US crude prices were down 0.9 percent at $45.40 a barrel after weekly US crude stocks rose more than expected and as a strong US dollar weighed on commodities.
Oil is one of Canada's major exports.
At 9:08 a.m. EDT (1408 GMT), the Canadian dollar was trading at C$1.3462 to the greenback, or 74.28 US cents, slightly weaker than Tuesday's close of $1.3447, or 74.37 US cents.
The currency touched its strongest level since Thursday at C$1.3424, while its weakest level of the session was C$1.3506.
On Monday, the loonie touched its weakest in eight months at C$1.3589.
Bank of Canada Deputy Governor Tim Lane is set to give a speech on globalization from a Canadian perspective. The central bank will release his prepared remarks at 11:50 a.m. EST (1650 GMT)
The central bank recently downgraded its economic forecasts and investors will look for further insight on the outlook for exports and what the victory of US President-elect Donald Trump could mean for Canada.
Canadian government bond prices were lower across the yield curve, with the two-year down 0.5 Canadian cent to yield 0.665 percent and the benchmark 10-year falling 9 Canadian cents to yield 1.549 percent.
The 10-year yield touched its highest intraday level since December at 1.602 percent amid investor expectations that Trump will pursue policies that will boost inflation. Still, the yield fell 1.3 basis points further below its US equivalent to -71.3 basis points, the largest gap since February, as US Treasuries underperformed.
Canada's inflation report for October is due on Friday. The annual inflation rate is forecast to rise to 1.5 percent, bringing the rate closer to the Bank of Canada's 2 percent target.