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Canadian CPI in focus this afternoon-check out the USD/CAD this morning

As noted here yesterday, the latest Canadian Consumer Price inflation (CPI) report is due to be released later today. At 12.30pm GMT the February reading of annualised CPI inflation is forecast to pick up, from 2.9% to 3.1%. Previously the Bank of Canada (BOC) left its key interest rate unchanged at 5%, but issued a hawkish outlook warning on prices and so this data today could be important, especially if CPI rises above consensus. The USD/CAD has edged a little higher today though, but right now that is more about the strength of the US dollar this morning and not unique to USD/CAD. So, this data today could determine, whether or not that relative Canadian dollar weakness is added too, or detracted from. The USD/CAD closed in the US last night at 1.3534. It has traded a range so far today covered by 1.3531 to 1.3577 and right now it is at the upper end of that range, currently trading at 1.3574
 

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