USD/CAD edging higher ahead of US CPI report
The USD/CAD has just now lifted to session high above 1.3840. Yesterday a similar rebound blew out just above 1.3830 and the pair fell back below 1.3780 into the 4pm London fix. A modest rebound followed into the US close, where it later ended the session at 1.3805., Today it has risen once more and taken out the highs seen yesterday and seems to be garnering some traction from yield differentials at the front end of the curve between the US and Canada. The high seen so far in 2023 has been set at 1.3899, as noted again here yesterday. The more recent high was at 1.3855, reached last Friday. The immediate price action remains positive above 1.3770, but of course the US CPI data has it within its power to change that. The fact that the USD/CAD is higher today at the same time as the EUR/USD, delivers gains so far for the EUR/CAD. The USD/CAD high so far has been set at 1.3844. It is just now backing off a bit, currently trading at 1.3832
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