FXstreet.com (Barcelona) - The Dollar has trimmed losses after a weaker than expected Ivey PMI report, and the pair has bounced from intra-day low at 1.0435 area to reach levels around 1.0500 resistance level, which is being tested at the moment.
In case of breaking above 1.0500 the pair could reach 1.0550 or 1.0580 area, according Valeria Bednarik, collaborator at FXstreet.com: (The pair) seems ready for some upside corrective movement. A break above 1.0500 should send the pair quickly to the 1.0550 zone, and above almost to the 1.0580 area.
Canadian Ivey PMI has declined to 55.9 in November, lower than the 58.7 reading forecasted by market analysts, and below the 61.2 reading posted in October. Ivey figures mean that Purchasing activity grew in November in Canada although at a considerable lower rate than expected; PMI figures indicate expansion of the sector's activity at levels above 50, and contraction otherwise.