USD/CAD has traded higher in recent weeks despite the pare back of CAD rate cut expectations. The weakness in oil prices and the firmer USD has supported the USD/CAD gains. Today, Canadian CPI and retail sales data will …
USD/CAD has traded higher in recent weeks despite the pare back of CAD rate cut expectations.
The weakness in oil prices and the firmer USD has supported the USD/CAD gains. Today, Canadian CPI and retail sales data will be of interest. With the BoC projecting inflation to average at 0.5% y/y in Q1, this perhaps suggests risks are to the downside.
Lloyds Bank says....
Having said that, with the Bank expecting the weakness in headline inflation to be transitory, a softer print shouldn't havemuch market impact, although weakness in the core CPI will be a concern.
Instead, retail sales may attract greater interest, given the Bank's concerns about economic growth.
For USD/CAD we see interim support at 1.2630/40 while the 1.2835/50 area should provide good resistance.
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