USD/CAD retreats after soft CPI data from the USD, holds the 100-day SMA USDCAD Majors Currencies
Core CPI from the US dropped to 4.7% in July, and Jobless Claims picked up in August.retreated towards the 1.3400 area but still holds above the critical support of the 100-day Simple Moving Average of 1.3390. On the USD side, soft inflation data made the Greenback retreat while the CAD suffered Oil prices correction overbought conditions.
The US Bureau of Labor Statistics revealed that the Consumer Price Index from the US from July advanced by 0.2% MoM, just as expected, and the yearly measure dropped to 3.2% YoY vs the 3.3% expected. The Core measure also advanced 0.2% in the same month as scheduled, with the YoY measure dropping by 4.7%, lower than the 4.8% expected.
As a reaction, the US bond yields have weakened across the curve. The 10-year bond yield fell to 4.01%, while the 2-year yield sits at 4.77% and the 5-year yielding 4.12%. Downward movements reflect dovish bets on the Federal Reserve , and according to the CME FedWatch tool, markets are confident that the Fed won’t hike either in September or in November. However, incoming data will be the ones which shape the nextThe daily chart shows exhaustion for the USD/CAD’s bulls.
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