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Canadian inflation could take centre stage this afternoon-check out the USD/CAD today
At 12.30pm GMT today the latest Canadian CPI report will be released. That coves the month of May and it could have a marked impact on the currency. For some while now the USD/CAD has been trading inside a range covered by 1.36 to 1.38. More recently it has fallen back from a high at 1.3792 reached on June 11, to a low earlier today, at 1.3641. The high at 1.3792 came after the Bank of Canada (BOC) had lowered its OCR to 4.75% from 5% on June 5. The fact that the USD/CAD has not sustained that rise has surely upended a good many USD/CAD longs over the past couple of weeks. Well, later today that CPI might come to the rescue? That might require a lower than forecast reading in the annual rate of CPI though. The markets are only looking for a slight dip, to 2.6% from 2.7% in April. The monthly rate is forecast to drop back to 0.3%, from 0.5% in April. So, all to play for this afternoon, if we get an outside CPI number. The USD/CAD closed in the US last night at 1.3657. It is currently trading at 1.3654
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