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  • Ivey PMI in Canada rebounded sharply in May.
  • USD/CAD continues to trade deep in negative territory below 1.3450.

The economic activity in Canada’s private sector contracted at a softer pace in May than it did in April with the Ivey Purchasing Managers Index recovering to 39.1 (seasonally adjusted) from 22.8. 

Further details of the publication revealed that the Employment Index rose to 41.9 from 22.9, the Inventories Index recovered to 46.8 from 34.5 and the Prices Index climbed to 54.9 from 51.2.

Market reaction

The USD/CAD pair, which came under strong bearish pressure on the upbeat Canadian jobs report on Friday, ignored these figures and was last seen losing 0.53% on the day at 1.3426.