Daily digest market movers: CAD pares Greenback losses after US data softens

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  • February’s US ISM Services PMI declined to 52.6 versus the forecast of 53.0, 53.4 previously.
  • ISM Services Prices Paid also fell to 58.6 from the previous 64.0.
  • US Factory Orders in January slid to -3.6% MoM, missing the -2.9% forecast, and the previous month’s print saw a downside revision to -0.3% from 0.2%.
  • Markets shrugged off an uptick in the US S&P Global Composite PMI for February, which ticked up to 52.5 from the forecast hold at 51.4.
  • Wednesday’s US ADP Employment Change is forecast to print at 150K versus the previous 107K.
  • The BoC is expected to hold rates at 5.0% on Wednesday.
  • BoC Preview: Forecasts from seven major banks

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