BREAKING: USDCAD rises after BoC rate decision and ISM Manufacturing PMI data

The ISM Manufacturing PMI for the US jumped to 56.1 in May from 55.4 in the previous month, and beat analysts’ expectations of 54.5. 

• Prices paid 82.2 vs. 83.0 estimate. Last month 84.6
• Employment 49.6 vs. 50.9 last month
• New orders 55.1 vs. 53.5 last month
• Production 54.2 vs. 53.6 last month

Simultaneously to the release of US data,the Bank of Canada raised its benchmark interest rate by 50bps to pre-pandemic levels of 1.50 % as widely expected. No post-meeting press conference will be held.

USDCAD initially currency pair fell after the release of today's data, however buyers manage to quickly regain control and price is heading towards local resistance at 1,2660.