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USD/CAD back in mid range as CPI data awaits

Since my last update here on the USD/CAD, the US dollar has fallen back from a high since then at 1.3731, to 1.3700. The drop came as the dollar more generally faced fresh pressure versus the European currencies. It also comes ahead of some eagerly awaited Canadian inflation data this afternoon, at 1.30pm GMT. That was touched upon here earlier this morning and here is some more detail on what the markets are expecting from this. The forecast is for annualised Consumer Prices (CPI) to have fallen back from a rate of 3.8% in September, to 3.1% last month. However, the October monthly reading is expected to rise slightly, by 0.1% from a prior drop of 0.1%. That is in contrast to the yearly data, but it is likely the markets will focus more on the longer term fall, if indeed that is what it is. Meantime, the USD/CAD has bounced back to mid-range on the day just now, currently trading at 1.3718

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