USD/CAD: Canada’s consumer price inflation surprisingly climbed in December


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.05% against the CAD and closed at 1.3270 on Friday.

Data revealed that Canada’s consumer price index (CPI) unexpectedly advanced 2.0% on an annual basis in December, defying market consensus for an unchanged reading. In the prior month, the CPI had recorded a rise of 1.7%.

In the Asian session, at GMT0400, the pair is trading at 1.3274, with the USD trading slightly higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3243, and a fall through could take it to the next support level of 1.3213. The pair is expected to find its first resistance at 1.3294, and a rise through could take it to the next resistance level of 1.3315.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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