News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here:
  • (Sentiment Weekly) S&P 500, Dow Jones Forecast: Retail Investors Intensify Bearish Exposure, Now What? *And recording of today's webinar in the article link below! #SP500 #DowJones
  • 🇯🇵 Coincident Index Final (MAY) Actual: 92.1 Previous: 95.3
  • 🇯🇵 Leading Economic Index Final (MAY) Actual: 102.6 Previous: 103.8
  • Heads Up:🇯🇵 Leading Economic Index Final (MAY) due at 05:00 GMT (15min) Previous: 103.8
  • Heads Up:🇯🇵 Coincident Index Final (MAY) due at 05:00 GMT (15min) Previous: 95.3
  • Crude Oil Prices Risk Forming a “Lower High” on Viral Concerns, Stockpiles Fall
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 94.37%, while traders in Wall Street are at opposite extremes with 75.02%. See the summary chart below and full details and charts on DailyFX:
  • What is your forex trading style? Take the quiz and find out:
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.14% 🇳🇿NZD: 0.04% 🇪🇺EUR: 0.04% 🇦🇺AUD: -0.02% 🇨🇭CHF: -0.03% 🇬🇧GBP: -0.03% View the performance of all markets via
Canadian Dollar Rallies on Impressive Rebound in Economic Activity

Canadian Dollar Rallies on Impressive Rebound in Economic Activity

Benjamin Spier, Technical Strategist

Talking Points:

  • Ivey PMI reported at 56.8 for January, well above expectations
  • The prior month’s PMI was released at 46.3, a 4-year low
  • USD/CAD falls back below 1.1100 on Loonie strength

Want to trade with proprietary strategies developed by FXCM? Find out how here.

The Canadian Dollar rose 25 pips against the US Dollar on the release of a vastly improved Ivey Purchasing Managers Index for January.

The PMI was reported at 56.8, beating expectations for 51.0 and significantly higher than December’s 46.3 index level, which was the lowest in over four years. A PMI reported above 50.0 indicates expansion in economic activity.

Economic data has risen in importance for CAD traders since the Bank of Canada said in January that the direction of its next rate move depends on data flow. In October, the BoC lowered its growth forecast for 2014 to 2.3% from 2.7%. Therefore, improved economic releases may drive the Loonie higher, as was seen today following the PMI release.

At the time of this writing, USD/CAD has erased earlier gains and is trading right near the daily open at 1.1082. The 8-day low at 1.1036 may next provide support in USD/CAD trading.

New to Forex? Watch this video

USD/CAD 1-Minute: February 6, 2014

Canadian_Dollar_Rallies_on_Impressive_Rebound_in_Econominc_Activity_body_Picture_1.png, Canadian Dollar Rallies on Impressive Rebound in Economic Activity

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to .

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