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USD/CAD extends break below 1.3464 as Canadian inflation data looms

Very shortly, at 12.30pm GMT the Canadian August inflation data will hit the screens. As noted here earlier today, the forecast is for prices to rise last month. Ahead of this release the breakdown below the 200 day moving average in the USD/CAD was covered here. Well, that has now extended further and the US dollar has fallen closer to the 1.34 handle. The low seen so far has been set at 1.3412. So, does that mean a higher Canadian inflation number is now priced in down here? Well, it could be, but it does depend on just how high that number is. What is not priced in right now is a lower inflation print and that is something to be aware of if trading this one ahead of that data release due in around 10 minutes 

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