Canada: Ivey PMI (sa) declines to 51.6 in February vs. 57.7 expected

• Canada Ivey PMI fell sharply toward 50 in February.
• USD/CAD stays in positive territory slightly above 1.2600 after the data.

The Ivey Purchasing Managers Index (PMI), an economic index which measures the month-to-month variation in economic activity in Canada, dropped sharply to 51.6 (seasonally adjusted) in February from 60.1 in January. This reading missed the market expectation of 57.7 by a wide margin.

Further details of the publication revealed that the Employment Index edged lower to 59.4 from 60.5 and the Prices Index rose to 65.3 from 63.6.

Market reaction

USD/CAD largely ignored these figures and the pair was last seen trading modestly higher on the day at 1.3615.