Forex: Strong Canadian Data bring USDCAD to a temporary session low

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Ivey Purchasing Managers Index Figures for the month of March have been announced in Canada. The announced figure of 73 was significantly higher than the 65.4 market expectation. The previous reading for the month of February was 69.3 following the news announcement at 17:00 GMT the USDCAD pair lost some 20 pips to record a session low 0.9568 before bouncing back to the 0.9590 levels

The Ivey PMI Index which is released by the Ivey School of Business shows what the business situations are in Canada. It is a significant indicator of not only business conditions but also shows how the Canadian economy is generally performing. Under usual conditions a reading above 50 is considered as hawkish while under 50 is viewed as negative. The USDCAD pair is currently traded at 0.9589.