The Canadian Dollar appreciated slightly against the US Dollar on Monday, following an upbeat Ivey PMI release. The USD/CAD currency pair halted an upward trend rebounding from the 1.2780 mark to fall further below the Friday low of 1.2734.
The Richard Ivey School of Business reported that its PMI index for the purchasing activity in Canada climbed to the strongest level in 21 months in October. The Ivey PMI rose to a seasonally adjusted rate of 63.8 in the reported period, up from 59.6 registered in September, due to an increase in prices and inventories. The PMI report as well as labour market data provided good signs for Canada, despite the economy entering the second half of the year at a slightly weaker pace.
