BREAKING: CAD weakens after upbeat Canada's Ivey PMI data

Canada's Ivey Purchasing Managers Index rose sharply to 60.10 in January, rebounding from upwardly revised 49.3 (33.4) in the previous month, beating analysts' estimates of 42.3. 

Firms expanded their workforce at a faster pace (60.5 vs. 59.5 in December) while there was a reduction in inventories (52.7 vs. 53.9). At the same time, the rate of inflation eased (63.6 from 67.5) while supplier deliveries were slower than the previous month (52.3 from 49.1).

One need to keep in mind that this highly volatile low-tier  manufacturing survey, which should not be used as a standalone indicator. 

USDCAD broke above resistance level at 1.3450 after release of today's PMI data. Source:xStation5