Canada: Ivey PMI prints 67.8 in August vs. 57.5 expected

• Ivey PMI for August came in better than expected in Canada.
• USD/CAD pared early losses, trades flat near 1.3130. 

The economic activity in Canada's private sector expanded at a robust pace in August with the Ivey Purchasing Managers Index coming in at 67.8. This reading beat the market expectation of 57.5 by a wide margin but was lower than July's print of 68.5.

Further details of the publication revealed that the Employment Index edged lower to 56.1 from 57.6,  the Inventories Index slumped to 50.9 from 61.7 and the Prices Index fell to 57.6 from 60.5.

Market reaction

This data doesn't seem to be having a significant impact on the CAD's performance against its rivals. As of writing, the USD/CAD pair was virtually unchanged on the day at 1.3133.