USD/CAD: Canada’s consumer price index climbed more-than-estimated in February


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.46% against the CAD and closed at 1.3427 on Friday.

Macroeconomic data showed that Canada’s consumer price index (CPI) advanced 1.5% on an annual basis in February, surpassing market consensus for a gain of 1.4%. In the previous month, the CPI had registered a rise of 1.4%. Meanwhile, the nation’s retail sales unexpectedly declined 0.3% on a monthly basis in January, defying market expectations for a rise of 0.4%. In the prior month, retail sales had registered a revised similar fall.

In the Asian session, at GMT0400, the pair is trading at 1.3429, with the USD trading slightly higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3374, and a fall through could take it to the next support level of 1.3319. The pair is expected to find its first resistance at 1.3462, and a rise through could take it to the next resistance level of 1.3495.

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

This entry was posted in USD/CAD. Bookmark the permalink.

Comments are closed.