- Ivey Purchasing Managers Index fell to 26 in March from 54.1.
- USD/CAD pair rebounded from lows on the disappointing data.
The economic activity in Canada’s private sector contracted at a strong pace in March with the Ivey Purchasing Managers Index plummeting to 26 (seasonally adjusted) from 54.1 in February. This reading missed the market expectation of 41 by a wide margin.
Further details of the publication revealed that the Employment Index slumped to 26.8 from 54.7 and the Supplier Deliveries Index dropped to 17.7 from 41.8.
The USD/CAD pair recovered slightly from the daily low it set at 1.3945 and was last seen trading at 1.3990, erasing 0.85% on a daily basis.