• Ivey PMI stayed at 61.2 in November, indicating strong business conditions in Canada. 
• USD/CAD was unreactive but continued to trade close to session lows in the mid-1.2600s, weighed amid risk-on and higher crude prices. 

Canada's Ivey PMI, which is released by the Richard Ivey School of Business each month and captures business conditions in Canada, remains at 61.2 in November after also printing 61.2 in October. As with other PMI indicators, a result above 50 is generally associated with MoM growth in economic activity. Thus, Canada's Ivey PMI suggests business conditions in the country remained strong last month. 

Market Reaction

USD/CAD did not see any notable reaction to the latest Ivey PMI data, just as it ignored positive trade figures earlier in the session. The pair is currently trading close to session lows in the 1.2660s just above the 21-day moving average at close to 1.2650 and is down about 0.7% on the day. Risk-on and an associated rebound in crude oil prices, as markets price out recent Omicron-related pessimism, is helping the loonie to appreciate on Tuesday ahead of Wednesday's BoC rate decision.