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Canadian Ivey PMI Unexpectedly Contracts as USDCAD Presses Monthly Highs

Canadian Ivey PMI Unexpectedly Contracts as USDCAD Presses Monthly Highs

Kevin Jin,

THE TAKEAWAY: CAD Ivey Purchasing Managers Index s.a. (JUL) > 48.4 versus 57.0 expected, from 55.3 > USDCAD BULLISH

Canadian data comes in weak yet again today, after Canadian Building Permits numbers missed. The Ivey Purchasing Managers Index comes in at 48.4, far below the Bloomberg News survey consensus of 57.0. This is importantly below the 50.0 level, which indicates a contraction in the number of purchases across various Canadian industries.

Today’s reading is the lowest level since November, which is also the last time a sub-50.0 number was printed. The recent bout of weak Canadian data highlights a potential economic slowdown. Data was optimistic earlier this year, with the Ivey PMI topping 63.1 in May, but has since stagnated.

USDCAD 1-minute Chart: August 7, 2013

Canadian_Ivey_PMI_Unexpectedly_Contracts_as_USDCAD_Presses_Monthly_Highs_body_Picture_1.png, Canadian Ivey PMI Unexpectedly Contracts as USDCAD Presses Monthly Highs

Charts Created using Marketscopeprepared by Kevin Jin

The USDCAD rallied about +12 pips after the poor Canadian data. The pair was able to breach $1.0420, but has since traded slightly lower. The CAD remains the weakest major currency against the USD, down -0.38% at the time of writing. The USDCAD intraday high of $1.0444 is the highest level since July 11.

--- Written by Kevin Jin, DailyFX Research

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.