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.


Products You May Like

Articles You May Like

Wrapped in polite wording, the World Bank delivers a warning to China
US treasury announces auctions for next week
NZD traders – heads up for the GDT dairy auction coming up
Why the Fed was forced to intervene in short-term money markets
Pound Lower after CPI – 18 September 2019

Leave a Reply

Your email address will not be published. Required fields are marked *