- PMI Ivey held at 61.2 in November, indicating strong business conditions in Canada.
- USD / CAD did not react, but continued to trade near session lows at 1.2650, weighed down amid rising risk and oil prices.
Canada’s Ivey PMI, which is released by the Richard Ivey Business School each month and captures business conditions in Canada, remains at 61.2 in November after posting a 61.2 in October. As with other PMI indicators, a result above 50 is generally associated with the month-on-month growth in economic activity. Therefore, Canada’s Ivey PMI suggests that trading conditions in the country remained strong last month.
USD / CAD did not see any notable reaction to the latest Ivey PMI data, just as it ignored the positive trade figures earlier in the session. The pair is currently trading near the session lows at 1.2660, just above the 21-day moving average at near 1.2650 and is down approximately 0.7% on the day. Risk appetite and an associated rally in crude oil prices, as markets appreciate recent Omicron-related pessimism, are helping the loonie appreciate Tuesday ahead of Wednesday’s BoC rate decision.