USD/CAD leaps to 1.3300 post-CPI, daily highs

Pablo Piovano FXStreet

The Canadian Dollar is depreciating further vs. its American neighbour today, now lifting USD/CAD to fresh session highs in the 1.3300 neighbourhood.

USD/CAD bid after data

CAD stays under pressure after Canadian inflation figures rose less than expected in May, showing consumer prices tracked by the CPI increased at a monthly 0.1% and 1.3% over the last twelve months.

Further results saw inflation figures striping energy and food costs rising 0.1% inter-month and 0.9% on an annualized basis.

The pair extended the daily correction higher in the wake of the CPI results, offsetting the better tone in crude oil prices, which is usually CAD-supportive.

USD/CAD significant levels

As of writing the pair is gaining 0.40% at 1.3287 facing the next up barrier at 1.3341 (200-day sma) followed by 1.3349 (high Jun.21) and then 1.3373 (20-day sma). On the other hand, a break below 1.3189 (low Jun.19) would aim for 1.3163 (low Jun.14) and finally 1.3007 (low Feb.16).

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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