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USDCAD Continues Post-CPI Climb

CANADA
  • USDCAD has continued to climb ever since the snap reaction lower immediately post-CPI, with the latest moves coming on broader USD strength.
  • It touched 1.2518 (currently 1.2513) to move close to intraday highs of 1.2525, having earlier tested support at 1.2454 (Dec 13 low). Still comfortably in yesterday’s range, resistance remains at 1.2621 (Dec 31 low).
  • With headline CPI in line but core measures stronger, there was sufficient nuance to mean that those already calling for a hike next week have continued to do so, whilst early indications suggest it’s not strong enough to change those previously set on waiting until March.
  • No local data due tomorrow, with focus instead on US jobless claims, Philly Fed and DOE inventories, along with general geopolitical risk.
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