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Forex: USD/CAD plunges to 1.0100 after higher than expected Core CPI

Fri, Mar 19 2010, 11:17 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - Canadian Dollar has soared about 90 pips on the back of higher than expected inflation figures, and the USD/CAD has dropped from 1.0190 to levels right below 1.0100, giving away all the ground taken since yesterday.

At the moment the pair trades at 1.0110, with next support levels at 1.0090 (March 17 high) and below here, 1.0070 (Mar 17 high) and then 1.0000. On the upside, resistance levels lie at 1.0190 (session high) and above here, 1.0230 (Mar 15 high) and 1.0290/95 (Mar 8/10 high).

Canadian CPI has risen at a 0.4% monthly pace and 1.6% year on Year in February, broadly in line with the market consensus, although the Core CPI the preferred gauge by the Bank of Canada to assess inflation trends, has risen 0.7% on the month and 2.1% year on year, beating the experts expectations of a 1.7% rise year on year.



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