Canadian Ivey Purchasing Managers Index - Higher Print leads to reversal

This afternoon of Monday February 6th 2012 at 10:00 EST (15:00 GMT) the PMI figure was released from Canada. This figure has not been affecting the price of the Canadian Dollar very much unless there is a very large deviation. However if one is trading longer term it can support the general direction of the trend.

Today saw a decently higher print on this, not enough to trigger a trade. Often Canadian data gets leaked but regardless if it was a rumor or just good analysis the USDCAD sold off into the news. Of course a lower USDCAD means Canadian Dollar strength. When the news was released there was a small blip, but then a reversal of about 20 pips over then next 45 minutes before the down trend re-established itself. Here is the data:

Canada Ivey Purchasing Managers Index
Estimates- Median: 59.7 Average: 58.9 Range: 54.0 to 62.0
Actual: 64.1 Prior: 63.5 No Revision

I include 2 charts, the USDCAD and the CADJPY, both 1 minute charts. These 2 pairs traded inverted to one another. When CADJPY hits resistance at the same time as USDCAD hitting support, there is a good probability of them bouncing some.