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USD/CAD steady above 1.38 ahead of Canadian CPI report today
At 12.30pm GMT we will get the latest CPI inflation report from Canada. The markets are expecting consumer prices to have fallen below the 2% target range last month. The forecast is for annualised CPI to have fallen to 1.8%, from a prior reading of 2% in August. If that is the case, then it will underpin the market expectation for a further rate cut to come from the BOC on October 23. Ahead of this release the USD/CAD is holding gains above 1.38, as noted here earlier today. The risk of further upside in the pair looks possible, if this CPI data undershoots by more than expected. Naturally, anything above 2% could have an opposite impact on the USD/CAD this afternoon. The USD/CAD is currently trading at 1.3812
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