USD/CAD drops to fresh bear cycle lows on US CPI miss, eyes on 1.3180 – by fx_ross USDCAD CPI Fed Currencies
USD/CAD bears are squeezing longs back to test below 1.3200 support.that arrived in June at 3.0% (vs. the expected 3.1% and the previous 4.0%. The core data was a larger miss of 4.8% vs. 5% expected and the prior 5.3%. For the month, it arrived at 0.2% vs 0.3% expected and the 0.4% prior.
All in all, in this view, the analysts explained that this low-worth growth outlook is likely to keepin check and lend support to the safe-haven USD medium term. ''Thus, while a soft US CPI inflation report today is set to weigh on the USD near-term, we do not anticipate that this will mark the start of a long-term trend of sustained USD selling.''. The central bank is expected to hike another 25bps to 5.00% in July.
Despite the recent rally through the prior resistance structure of 1.3270, the bears have moved in again and are squeezing longs back to test below 1.3200 support. The price is back to 1.3230 but the volatility and break of 1.3200 opens the risk of a move to 1.3182 which guards a run towards 1.3120.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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