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CAD/JPY gets a boost as USD/CAD falls and USD/JPY rebounds
The Canadian inflation data released yesterday certainly put the prospect of a Bank of Canada December rate cut well and truly on the back burner. The slide back underneath the 1.40 handle later led to a daily close in the USD/CAD at 1.3056, which was very near its lowest levels of the day. The price action so far today has not delivered any kind of rebound today either. There is now a clear risk; that the USD/CAD has topped out for the year now at just above 1.4100. Well, given that was also a 4 year high for the US dollar perhaps that is not too much of a radical observation to make right now. The other thing that has transpired since this time yesterday is the rebound in the CAD/JPY that inflation data has helped to produce. Naturally, the further push above 155.70 right now in the USD/JPY is also very much perpetuating that CAD/JPY rebound move. So, the CAD/JPY has risen back above 111.50 this morning, where it was threatening 109 this time yesterday
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