Investing.com - Canada''s Ivey purchasing managers’ index expanded at a faster rate than expected in February, easing concerns over the country’s economic outlook, industry data showed on Thursday.
In a report, the Richard Ivey School of Business said its purchasing managers’ index rose to 57.2 last month from a reading of 56.8 in January. Analysts had expected the index to decline to 54.0 in February.
A figure above 50.0 indicates industry expansion, below indicates contraction.
Following the release of the data, the Canadian dollar held on to gains against its U.S. counterpart, with USD/CAD shedding 0.35% to trade at 1.0992.