USD/CAD slumps to 4-week lows near 1.3280 as CAD gathers strength on inflation data

  • Annual CPI in Canada rises to 1.9% in March from 1.5% in February.
  • The trade deficit in the U.S. drops to $49.4 billion.
  • US Dollar Index stays near 97 after data.

The USD/CAD pair met heavy bearish pressure in the last hour after the loonie gathered strength on the back of the inflation data from Canada. As of writing, the pair, which slumped to its lowest level in four weeks at 1.3273, is trading at 1.3295, losing 0.4% on a daily basis.

Statistics Canada today announced that the Consumer Price Index (CPI) rose 1.9% on a yearly basis in March following February's 1.5% reading. "Energy prices decreased 1.2% in March, following a larger decline in February (-5.7%), as downward pressure from gasoline prices eased and prices for natural gas and fuel oil grew," the publication read. "Excluding energy, the CPI rose 2.2% year over year."

Other data from Canada revealed that the trade deficit decreased to $2.9 billion in February from $3.09 billion in January. Reflecting the broad loonie strength, the EUR/CAD also is down more than 50 pips on the day.

On the other hand, the U.S. Census Bureau reported that the trade deficit of the U.S. narrowed $49.4 billion to better the market expectation of $53.5 billion, helping the US Dollar Index staying close to the critical 97 handle.

Technical levels


Today last price 1.3294
Today Daily Change -0.0058
Today Daily Change % -0.43
Today daily open 1.3352
Daily SMA20 1.336
Daily SMA50 1.3312
Daily SMA100 1.334
Daily SMA200 1.3208
Previous Daily High 1.3404
Previous Daily Low 1.3346
Previous Weekly High 1.3398
Previous Weekly Low 1.3284
Previous Monthly High 1.3469
Previous Monthly Low 1.313
Daily Fibonacci 38.2% 1.3368
Daily Fibonacci 61.8% 1.3382
Daily Pivot Point S1 1.3331
Daily Pivot Point S2 1.331
Daily Pivot Point S3 1.3274
Daily Pivot Point R1 1.3388
Daily Pivot Point R2 1.3424
Daily Pivot Point R3 1.3445



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