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USD/CAD holding below 1.34 with CPI in the spotlight this afternoon

Surely the main economic release of the afternoon will be focused on Canada and their latest Consumer Price Index (CPI) report. That is due for release at 1.30pm GMT. The markets expect the rate of Canadian CPI to have abated last month, from an annualised rate of 3.1%, to 2.9%. Core prices on any median are also expected to have declined. Ahead of this report, the USD/CAD has been mostly trading below 1.34 today. The USD/CAD closed last night at 1.3399. The low seen earlier was set at 1.3381, with the high set at 1.3400. There is also a clearly defined double bottom in place at 1.3350, from the low last Friday and an identical low there yesterday. The nearest topside level to note is at 1.3507, which is where the 200 day moving average is currently in place. So there you have it folks, 1.3350 to 1.3507 is the wider range for now, but we see if this CPI data has the capacity to deliver a move to either end of that range, or perhaps beyond. The USD/CAD is currently trading at 1.3390

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