USD/CAD: Canada’s consumer price index rebounded in June


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.31% against the CAD and closed at 1.3410, after Canada’s annual inflation rate jumped by most in nine years.

On the data front, Canada’s consumer price index rose 0.7% on a yearly basis in June, beating market forecast for a rise of 0.3% and compared to a fall of 0.4% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3412, with the USD trading marginally higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3380, and a fall through could take it to the next support level of 1.3349. The pair is expected to find its first resistance at 1.3463, and a rise through could take it to the next resistance level of 1.3515.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

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

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