Canada: Ivey PMI declines to 52.7 in November vs. 51.5 expected

• Ivey PMI in Canada fell less than expected in November.
• USD/CAD clings to modest daily gains above 1.2800 after the data.

The economic activity in Canada's private sector expanded at a softer pace in November than it did in October with the Ivey Purchasing Managers Index (seasonally adjusted) edging lower to 52.7 from 54.5. Nevertheless, this reading came in slightly better than the market expectation of 51.5.

Further details of the publication revealed that the Employment Index slumped to 48.1 from 50.3, the Inventories Index improved to 49.3 from 45.5 and the Prices Index climbed to 66.1 from 63.

Market reaction

The USD/CAD pair showed no immediate reaction to this report and was last seen gaining 0.2% on a daily basis at 1.2805.