The Ivey Purchasing Managers' Index for Canada, covering October 2026, came in at 56.4, down from a previous reading of 61.9, indicating that business activity in Canada's purchasing managers' survey remained in expansionary territory, though at a notably slower pace. The reading suggests the monthly gain in the index is narrowing, pointing to softer momentum in new orders, purchasing activity and hiring among surveyed firms. For markets, the transmission channel runs mainly through growth expectations and the Bank of Canada's policy path: a slower-expanding domestic economy reduces the case for further tightening and can weigh on the Canadian dollar relative to peers if rate differentials begin to narrow. Canadian short-dated interest rate futures and the CAD crosses are the most directly exposed, while Canadian equities with cyclical and export-oriented exposure may also reprice on the softer demand signal. Traders will look to the Canadian employment report and the Bank of Canada's next rate decision to determine whether the moderation in the Ivey PMI is confirmed across hard economic data.
CA Ivey PMI (Oct. 2026): 56.4 actual (prev 61.9)
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