The USD/CAD pair inched higher in the US session hitting as high as 1.3138 after U.S. consumer prices showed underlying inflation moderated in September reinforcing expectations that Federal Reserve will raise interest r…
The USD/CAD pair inched higher in the US session hitting as high as 1.3138 after U.S. consumer prices showed underlying inflation moderated in September reinforcing expectations that Federal Reserve will raise interest rates in December.
The U.S. Labor Department said the Consumer Price Index, its broadest inflation gauge, rose 0.3 percent in September, matching the median forecast.
However, the CPI core rate, which excludes volatile food and energy prices, edged up 0.1 percent in September, falling short of an expected 0.2 percent increase.
The currency pair is trading around 1.3106 levels and it is set to advance further towards 1.3150 and 1.3200 in the short term.
To the upside, immediate resistance can be seen at 1.3150, a break above will take the pair towards next resistance level at 1.3182.
To the downside, strong support can be seen at 1.3036 levels, a break below will open the door towards next level at 1.3000.
