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USD/CAD takes a step closer to 1.43 ahead of Canadian inflation report this afternoon
Yesterday the upward trend in the USD/CAD continued and that delivered a US close at 1.4242. However, that close was down from an earlier session high at 1.4271. Today it has rebounded and lifted above that level, extending to 1.4291 so far. That is a new 2024 and 4 year high for the USD/CAD. The further gains in the US dollar come ahead of important Canadian inflation data due out later today, at 1.30pm GMT. That is the November CPI report and it is widely expected to show a lower monthly reading. The larger than forecast cut from the Bank of Canada last week has rather gotten ahead of that, so the markets will need to see that move endorsed by lower inflation this afternoon. It might be interesting if that does not show up. Also to note in respect of the USD/CAD price action later on, the November US retail sales data will be released at the same time. The USD/CAD has just come off the boil though, currently trading at 1.4282
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