Canada: Ivey PMI surges to 68.5 in July vs. 57.5 expected

• Ivey PMI in Canada rose sharply in July.
• USD/CAD continues to push higher toward 1.3400 despite upbeat data.

The economic activity in Canada's private sector expanded at a robust pace in July with the Ivey Purchasing Managers Index jumping from 58.2 in July to 68.5 (seasonally adjusted) in July. This reading beat the market expectation of 57.5 by a wide margin.

Further details of the publication revealed that the Employment Index rose from 52.8 to 57.6, the Inventories Index ticked down to 61.7 the Prices Index improved from 56.4 to 60.5.

Market reaction

These upbeat figures failed to help the CAD gather strength against the greenback. As of writing, the USD/CAD pair was up 0.6% on a daily basis at 1.3382.