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USD/CAD jumps above 1.3700 after Canadian June CPI unexpectedly falls
The latest CPI data from Canada was released exactly at the same time as the US retail sales data and it surprised by a miss to the downside. Canadian CPI was forecast to rise by 0.1% last month. It actually fell by 0.1%. This news comes ahead of the Bank of Canada interest rate policy decision next week and could have a bearing on the outcome there. So, for that reason the USD/CAD has jumped higher on the news. That jump has been assisted by the better than expected US sales data too. So, the USD/CAD was trading below 1.3670 ahead of the CPI data. It has now jumped above the 1.37 handle again.
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