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USD/CAD slides below 1.34 following higher than expected Canadian CPI
The August Canadian inflation data has just been released and it was higher than forecast on an annualised basis, rising to 4%, from 3.3%. This news sent the USD/CAD to fresh lows once more as it immediately tumbled below 1.34. The low seen so far has been set at 1.3377. However, it has just now rebounded just as fast, back above 1.34 as a degree of this outcome surely being priced caused the US dollar to bounce. As to how far it will bounce overall following this data remains uncertain, but in any event it will surely struggle to get back above 1.3464 from here on today. The USD/CAD is just now trading at 1.3400
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