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USDCAD Sees Minor Trimming Of Last Week’s Gain Pre CPI

CANADA
  • USDCAD holds near the low end of the day’s limited 53 pip range with both sides on holiday.
  • Currently ~1.345 (-0.15%) off a low of 1.3442, it holds most of last week’s 1% climb higher and sits closer to resistance at 1.3537 (Feb 17 high) than support at 1.3275 (Feb 14 low).
  • CAD CPI is in focus tomorrow following an already far stronger than expected labour report since the BoC’s conditional pause last month. Consensus has headline inflation easing two tenths to 6.1% Y/Y in Jan and the two core measures another tenth to 5.05% Y/Y.
  • Landing at the same time as CAD retail sales, it will then be followed by US data including prelim Feb PMIs plus existing home sales.
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