USDCAD Analysis: Consolidates after decline

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The US Dollar weakened against the Canadian Dollar, following the Canadian Consumer Price Index release on . The USD/CAD currency pair lost 106 pips or 0.81%. The data release had a significant impact on the currency pair after which the candles continue decreasing to the 1.3010 area.

The Statistics Canada released Canadian Consumer Price Index data that came out better-than-expected at 0.5% to the forecast of 0.1%. The actual data gives a good sign for the Canadian currency. Consumer prices account for a majority of overall inflation which means that rising prices lead the central bank to raise interest rates.

By and large, is likely the pair makes a brief move towards the 61.80% Fibo today.

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Dukascopy Bank Team

Dukascopy Bank SA

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