USD/CAD spikes to 1.3500 mark on softer Canadian consumer inflation figures – by hareshmenghani USDCAD CPI BOC Fed Currencies
her unimpressive Canadian macro data. The pair is currently trading just below the 1.3500 psychological mark, up around 0.30% for the day, and seems poised to appreciate further.
Earlier in the day, Statistics Canada reported that the headline CPI rose by 0.5% in January, slightly lower than the 0.6% expected. Adding to this, the yearly rate decelerated more than anticipated, to 5.9% from the 6.3% previous. The prevalent risk-off mood - amid looming recession risks and geopolitical tensions - benefits the safe-haven Greenback and supports prospects for a further appreciating move for the USD/CAD pair.
Such a pattern might be composed of wave A, rising up and finishing on the 17th, the corrective wave B completing on the 20th and the second bullish wave, C, rising now.Next on tap is the US economic docket, featuring the release of the flash PMI prints for February and Existing Home Sales data.
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