It can be quite volatile series
Although the Ivey PMI came in below the 50 level for the 2nd consecutive month, the CAD is not running lower. The data series can be quite volatile.
The USDCAD market price could not sustain the move higher initially after the report, so the price moved lower instead (higher CAD).
Looking at the hourly chart, the price today, did move above a topside trend line (and high from yesterday's trade) but is not been able to close above that trend line level. The 100 day moving average at 1.3192 is also a resistance level that may be attracting sellers against the level. Last week, the price quickly moved above that level on October 30 but on Friday after the US employment, the price stalled right at the level and backed off.
On the downside, if the selling can keep the price below the trend line and high from yesterday, the 100 hour moving average at 1.31522 would be targeted. In the early London session, the price stalled against that technical level.
So there is a bit of a battle going on in the pair.
In a few minutes of the weekly DOE inventory data will be released. The private data showed a bigger than expected build of crude oil inventories of 4260K. The expectations are for 2000K. The price of crude oil is trading up $0.49 or 0.84% $57.71 after be trading as low as $56.75 overnight.
