USD/CAD bounces off support on hot CPI report

Technical Analysis

USD/CAD falls to 1.3250

Surprisingly strong Canadian inflation sent USD/CAD lower by 40 pips initially in a fall to a low of 1.3256 from 1.3294 beforehand.

The lows held on support from Friday and Monday, where 1.3250 held.

There is a sense of wait-and-see in the Canadian economy because it’s been week since we heard anything meaningful from the Bank of Canada and they have a well-earned reputation for being a central bank that’s unpredictable. The next BOC meeting is Sept 4 and the blackout starts Tuesday.

Before then, we will get one more piece of top-tier economic data with the June retail sales report due on Thursday.

ForexLive

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