Big gain but the index can be quite volatile

The Ivey PMI index bounced back from the tumble last month to 50.4.

Prior to the sharp fall last month, the index was muddling along between 61.8 and 63.1. We get the big plunge last month and this month, the loss is retraced.

  • Employment moved up to 54.3 from 51.6 last
  • Inventories 60.9 v 51.8 last
  • Supplier deliveries 43.8 vs 47.5 last
  • Prices 72.6 vs 68.8 last.

The USDCAD is trading around the 100 day MA at 1.30686 and the 100 bar MA on the 4-hour chart at 1.30816. Both have seen looks below (the 100 day MA) and above (the 100 bar MA on the 4-hour), but little momentum. At some point there will be a break and run.