Inflation could weaken the Canadian dollar
The decision by OPEC+ countries to cut oil production provided short-term support for the Canadian dollar. The USD/CAD pair corrected by nearly 1.5%. Prices have dropped to the 21-day moving average. Today, the inflation report in Canada will be released. Forecasts indicate that consumer prices will show a slowdown once again. This could be a reason for the Bank of Canada to put rate hikes on pause. Accordingly, the USD/CAD pair could begin its uptrend again.
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