Canada: Ivey PMI plummets to 26 in March vs. 41 expected

• Ivey Purchasing Managers Index fell to 26 in March from 54.1.
• USD/CAD pair rebounded from lows on the disappointing data. 

The economic activity in Canada's private sector contracted at a strong pace in March with the Ivey Purchasing Managers Index plummeting to 26 (seasonally adjusted) from 54.1 in February. This reading missed the market expectation of 41 by a wide margin. 

Further details of the publication revealed that the Employment Index slumped to 26.8 from 54.7 and the Supplier Deliveries Index dropped to 17.7 from 41.8.

Market reaction

The USD/CAD pair recovered slightly from the daily low it set at 1.3945 and was last seen trading at 1.3990, erasing 0.85% on a daily basis.