USD/CAD: Canadian CPI and Trade Balance
The US Dollar depreciated against the Canadian Dollar, following the Canadian Trade Balance data release on Wednesday at 12:30 GMT. The USD/CAD exchange currency rate lost 34 pips or 0.25% right after the release. The US Dollar continued trading at the 1.3285 level against the Canadian Dollar.
Statistics Canada released the Canadian Trade Balance data that came out better-than-expected. The index was negative 2.9B compared with forecast negative 3.5B. Note, that the Canadian CPI was released at the same time.
According to analysts, the USD/CAD currency pair has reached the four-week low after the core inflation increased surprisingly. Experts had expected overall inflation to rise due to higher energy prices. However, this upturn might signal that the Canadian economy is tighter than the Bank of Canada had predicted.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.