CAD up a little versus USD after positive PMI data

Daily Currency Update

The CAD showed resilience with a modest increase of around 0.11% against the USD, despite challenges revealed in recent economic data. Building permits unexpectedly decreased by -14.0% month-over-month, a stark contrast to the expected 1.8%. However, the Ivey PMI data provided a positive offset, surpassing expectations at 56.5 versus the forecasted 55, indicating strength in Canada's purchasing managers' index. Furthermore, the CAD benefited from a 1.09% increase in oil prices, currently at 73.57. While the USD had a strong start to the week, the CAD's ability to maintain an upward trajectory suggests resilience in the face of varying economic indicators. The upcoming speech by Bank of Canada Governor Macklem later today could add an additional layer of complexity, as the CAD's response may be influenced by his remarks, and provide further insights for traders navigating the Canadian dollar's movements in the current market.