USD/CAD: Canada’s inflation advanced as estimated in August


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.10% against the CAD and closed at 1.2918 on Friday.

On the macro front, Canada’s consumer price index (CPI) climbed to 2.8% on a yearly basis in August, in line with market expectations. In the preceding month, the CPI had recorded a gain of 3.0%. Additionally, retail sales rebounded 0.3% on a monthly basis in July, at par with market anticipation and following a revised drop of 0.1% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2928, with the USD trading 0.08% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.2895, and a fall through could take it to the next support level of 1.2862. The pair is expected to find its first resistance at 1.2952, and a rise through could take it to the next resistance level of 1.2976.

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.

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