Canada: Ivey PMI improves modestly to 48.4 in January

• Ivey PMI in Canada edged slightly higher in January.
• USD/CAD continues to trade in the negative territory below 1.2800.

The economic activity in Canada's private sector contracted at a softer pace in January than it did in December with the Ivey Purchasing Managers Index (seasonally adjusted) rising to 48.4 from 46.7. 

Further details of the publication showed that the Employment Index dropped to 41.5 from 45.8, the Inventories Index rose to 56.7 from 43.8 and the Prices Index jumped to 82.8 from 66.9.

Market reaction

The USD/CAD pair remains under bearish pressure following this report and was last seen losing 0.31% on a daily basis at 1.2785.