USD/CAD and Canadian inflation data in the spotlight later today
There can be little doubt that the Canadian dollar has continued to underperform so far this week. That is noticeable in terms of the USD/CAD, but perhaps more so when one looks at the gains in the GBP/CAD and EUR/CAD most recently too. So, the USD/CAD did not test the 1.3690 Asian low seen yesterday and refused to fall back below that 1.37 handle into the US close. The USD/CAD ended the US session at 1.3725. It has traded to as low as 1.3705 earlier today, but as you can see, so far that 1.37 level has remained intact. It is above that low as I write and close to session highs (1.3730) and the drop back in oil prices so far this morning might be to blame. Now later today we have some important Canadian CPI inflation data, due out at 1.30pm GMT and that is expected to show inflation falling back last month. There will be more to add and more detail nearer the time of that release. Meanwhile, the USD/CAD is currently trading at 1.3729
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