Canada’s Ivey PMI remains Steady in November

Ivey PMI, which is released by the Richard Ivey School of Business on a monthly basis and depicts the business conditions outlook in Canada, has remained at 61.2 in November after also posting the same reading 61.2 in October.

As with other PMI indicators, a result above 50 is generally associated with MoM growth in the country’s economic activity. Therefore, Canada’s Ivey PMI suggests business conditions in the country remained strong last month.

USD/CAD did not see any notable reaction to the latest Ivey PMI data during the current trading session, 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 are eying the possible impact of the recent Omicron-related pessimism.

The new variant’s jargon provides circumstances that are helping the Canadian currency to appreciate on Tuesday, only one day ahead of the Bank of Canada’s decision concerning the interest rate.