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.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/9yE6F4tE7q
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 4.47% US 500: 4.08% Wall Street: 4.03% France 40: 3.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/RtMFoHljMR
  • Aston Martin (AML) share price in pieces...down 4% at 75p. Down over 95% since floating (October 2018). #astonmartin #aml #trading Prices and chart via @IGcom https://t.co/M0kVzTvKZH
  • Tune in to @nickcawley1 's #webinar at 6:30 AM ET/10:30 AM GMT to prepare for key UK events and markets in the week ahead. Register here: https://t.co/xewSeUoDaT https://t.co/u4cffZFfrY
  • 🇬🇧 GBP Markit/CIPS UK Construction PMI (MAR), Actual: 39.3 Expected: 44.0 Previous: 52.6 https://www.dailyfx.com/economic-calendar#2020-04-06
  • Heads Up:🇬🇧 GBP Markit/CIPS UK Construction PMI (MAR) due at 08:30 GMT (15min), Actual: N/A Expected: 44.0 Previous: 52.6 https://www.dailyfx.com/economic-calendar#2020-04-06
  • Análisis $AUDUSD: aumenta la demanda de AUD ante la disipación de la aversión al riesgo, rechazo en 0.6050 #aud #usd #trading #Covid_19 https://t.co/lRBeOuA5F8
  • RT @elonmusk: Logarithm graphs coming soon https://t.co/Fc81TDSQgc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.45%, while traders in US 500 are at opposite extremes with 68.67%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PtZHbbcWSX
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/jd1Mx0kNx3
Canadian Dollar Reaches a 2-Week High on an Improved PMI

Canadian Dollar Reaches a 2-Week High on an Improved PMI

2014-03-06 15:33:00
Benjamin Spier, Technical Strategist
Share:

Talking Points:

  • Canada Ivey PMI significantly beats expectations at 57.2
  • Canadian building permits rise 8.5% in February
  • Canadian Dollar rises to a 2-week high

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

The Canadian Dollar has reached a new 2-week high against the US Dollar, as two separate Canadian economic releases both beat expectations and rose to multi-month highs.

The Ivey Purchasing Managers Index was reported at 57.2 in February, which was a 4-month high and significantly beat expectations for a dip to 53.1 from 56.8 in January. It was only the second consecutive month that the index was reported above 50.0, indicating expansion in activity according to surveyed purchasing managers. Also reported on Thursday morning, Building Permits rose 8.5% in February, beating expectations for a 1.7% rise and a reversal from the revised 4.8% decline in permits issued in January.

Just yesterday, the Bank of Canada announced after its March meeting that the next rate change direction will depend on new data. Last week, Canadian GDP for Q4 was reported at 2.9% and economic growth was revised higher for Q1 and Q2 of 2013. Therefore, continued flow of improved economic data may allow arguments for a BoC rate increase down the line.

The Canadian Dollar has rallied about 70 pips against the US Dollar since the first Building Permits release, and USD/CAD may next find support by a monthly low at 1.0910.

New to Forex? Watch this video

USD/CAD 5-Minute: March 6, 2014

Canadian_Dollar_Reaches_a_2-Week_High_on_an_Improved_PMI_body_Picture_1.png, Canadian Dollar Reaches a 2-Week High on an Improved PMI

Chart created by Benjamin Spier using Marketscope 2.0. Add DailyFX Support/Resistance to your charts at FXCM Apps.

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

DISCLOSURES

News & Analysis at your fingertips.