• Canada Ivey PMI improved at a much stronger pace than expected in January.
• USD/CAD continues to trade in positive territory near 1.3450.

The Ivey Purchasing Managers Index (PMI), an economic index which measures the month-to-month variation in economic activity in Canada, climbed to 60.1 (seasonally adjusted) in January from 33.4 in December. This reading came in better than the market expectation of 55.2.

Further details of the publication revealed that the Employment Index edged higher to 60.5 from 59.5 and the Prices Index declined to 63.6 from 67.5.

Market reaction

USD/CAD showed no immediate reaction to this report and was last seen trading at 1.3450, where it was up 0.4% on a daily basis.