USD/CAD on course to snap a four-day losing streak ahead of US inflation data. Will US Inflation provide fresh impetus for the DXY with another increase or is a drop on the cards?
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Looking at the Loonie and Bank of Canada Deputy Governor Nicolas Vincent warned that supply shocks, limited competition and technology could have shifted the pricing landscape permanently. He commented further that this could see firms continue to increase prices at larger and more rapid rates which would present obstacles for the Central Bank to achieve its inflation target.There is not a lot in terms of data from Canada this week but next week does bring Canadian inflation data.
USDCAD has found support at the 20-day MA with the 50-day MA resting slightly lower at around the 1.3540 mark. We also have the ascending trendline which could come into play should we see a return of DXY weakness following the US CPI release tomorrow.
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