Canadian Dollar Firm, Withstanding Negative Fundamentals

The Canadian dollar was firm today despite yesterday’s negative data. An employment report will be released in Canada today and it is expected to be supportive to the nation’s currency.
Building permits demonstrated an increase of 1.1 percent in April, which was far below the expected rate of growth of 4.1 percent. The seasonally adjusted Ivey Purchasing Managers’ Index tumbled from 54.1 in April to 48.2 in May, frustrating analysts who have expected an increase to 56.3. Canadian employment data will be released today, and it is expected to show growth by 24,500 after the drop by 28,900 in April.
USD/CAD fell from 1.0924 to 1.0913 and EUR/CAD dropped from 1.4922 to 1.4882 as of 8:59 GMT today.

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