USD/CAD pares modest intraday losses, keeps the red below 1.3400 post-Canadian CPI – by hareshmenghani USDCAD Inflation RiskAppetite Fed Currencies
Statistics Canada reported this Tuesday that the headline CPI rose 0.5% in March as compared to 0.4% in the previous month and the yearly rate decelerated from 5.2% in February to 4.3%, both matching consensus estimates. More importantly, the Bank of Canada's Core CPI, which excludes volatile food and energy prices, eased to a 4.3% YoY rate against market expectations for a fall to 4.2% from the 4.7% recorded in the previous month.
pair's recent bounce from the 1.3300 mark, or a two-month low touched last week, has run its course. From a technical perspective, the overnight failure to find acceptance above the very important 200-day Simple Moving Average warrants some caution for bullish traders and before positioning for any meaningful near-term appreciating move.
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