CAD Trades Marginally Lower Ahead of Ivey PMI Data, 25+ PIP Movement Expected in CAD Parity; Dec 07, 2020

Canada Ivey PMI Data

Canada will publish Ivey PMI data around 1500 GMT/2030 IST. It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. This data is derived via a survey of about 175 purchasing managers, selected geographically and by sector of activity to match the economy as a whole, which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries and inventories.

Let’s see how CAD has reacted during the previous data release:

Nov 06:

Oct 07:

Technical View:

USD/CAD: The Canadian dollar trades marginally lower ahead of Ivey PMI data. The pair made intraday high at 1.2832 and low at 1.2769. A sustained close above 1.2783 requires for the upside rally. Key resistances are seen at 1.2850, 1.2917, 1.2995 and 1.3030 mark respectively. On the other side, key support levels are seen at 1.2768, 1.2734, 1.27 and 1.2682 mark respectively.

Take a look and do trade wisely!
Good Luck