USD/CAD aims to 1.3500 post-CPI

Pablo Piovano FXStreet

The Canadian Dollar is now rapidly losing ground following results from the Canadian CPI, lifting USD/CAD to fresh peaks in the boundaries of 1.3500 the figure, or session highs.

USD/CAD bid on data

Spot reverted the initial negative sentiment after Canadian inflation figures tracked by the CPI rose less than expected in March, up 1.6% over the last twelve months and 0.2% (vs. 0.4% exp.) on a monthly basis.

Further data saw BoC’s Core CPI rising at an annualized 1.3% and 0.3% inter-month, both prints coming down from February’s 1.7% and 0.4% gains, respectively.

USD/CAD significant levels

As of writing the pair is up 0.17% at 1.3493 facing the next resistance at 1.3501 (high Apr.20) seconded by 1.3536 (2017 high Mar.9) and then 1.3601 (high Dec.28 2016). On the downside, a breakdown of 1.3454 (low Apr.20) would open the door to 1.3402 (23.6% Fibo of the January-March up move) and finally 1.3373 (20-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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