Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

Forex Analysis
by ForexNewsNow Team on September 8th, 2010

Forex forecast: How will Ivey PMI data impact USD/CAD?

forex forecast - Ivey PMI data due Wed.NEW YORK (Forex News Now) – The Richard Ivey School of Business is due on Wednesday to publish a key report on purchasing activity in the Canadian economy, in one of the day’s major realtime forex news events.

The Ivey Purchasing Managers’ Index is expected to rise to 55.9 in August, according to two major online FX trading news outlets, up from 54 in July.

The business school is scheduled to release the report at 2:30 P.M., GMT; as such, the data is likely to dominate European afternoon currency market trading.

According to intraday analysis, a smaller-than-expected rise in purchasing activity, or even a decline, could lift USD/CAD toward short-term resistance around the daily high, 1.0509.

Should the data show a greater-than-forecast increase in activity, however, the currency pair could be pushed toward short-term support around Monday’s low, 1.0339.

However, the report will follow a key interest rate decision by the Bank of Canada, as well as the release of important data on the Canadian housing market – which may shift FX traders’ attention away from the PMI.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))