Forex: USD/CAD sideways ahead of CPI
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD is trading sideways in the 1.0070/85 range ahead of the weekend as the market digests the strong recovery of the Loonie against the Dollar since July 12 high at 1.0250.
The CPI inflation report in Canada will be released at 12:30 GMT where an increase of the figures are expected in both annualized headline and core data, despite the consensus of a monthly core contraction.
"So if, after the downmove in USD-CAD in the last few days, the markets are willing to trigger a correction towards 1.0180 ahead of the week end, weak CPI figures might provide a reason to do so", wrote Commerzbank analyst Antje Praefcke, pointing also to the challenge of 1.0000/50 in case of stronger than expected data.
The CPI inflation report in Canada will be released at 12:30 GMT where an increase of the figures are expected in both annualized headline and core data, despite the consensus of a monthly core contraction.
"So if, after the downmove in USD-CAD in the last few days, the markets are willing to trigger a correction towards 1.0180 ahead of the week end, weak CPI figures might provide a reason to do so", wrote Commerzbank analyst Antje Praefcke, pointing also to the challenge of 1.0000/50 in case of stronger than expected data.
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