• Canadian Dollar easing but sticking to midrange.
• Canada Ivey PMI beat expectations in April.
• CAD markets wait for Friday’s Canadian labor data.

The Canadian Dollar (CAD) was broadly softer on Tuesday but stuck close to near-term technical levels as CAD markets shrugged off better-than-expected Ivey Purchasing Managers Index (PMI) figures from Canada. Markets await soundbites from Federal Reserve (Fed) policymakers as investors broadly focus on the Fed’s rate cut outlook.

Canada saw an improvement in the seasonally-adjusted Ivey PMI for April, signaling that business leaders in both the private and public sectors of Canada’s economy see an improvement in overall business activity. However, battered Crude Oil markets and floundering barrel prices limit the CAD’s ability to find higher ground.