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Canadian Dollar Eases after June CPI Report Comes in Just Under Forecast

Canadian Dollar Eases after June CPI Report Comes in Just Under Forecast

Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: CAD Consumer Price Index (JUN) > 0.0% versus +0.1% expected, from +0.2% (m/m), +1.2% as expected, from +0.7% (y/y) > CAD Bank Canada CPI Core (JUN) > -0.2% as expected, from +0.2% (m/m), +1.3% as expected, from +1.1% (y/y) > USDCAD BULLISH

USDCAD 1-minute Chart: July 19, 2013

Canadian_Dollar_Eases_after_June_CPI_Report_Comes_in_Just_Under_Forecast_body_x0000_i1027.png, Canadian Dollar Eases after June CPI Report Comes in Just Under Forecast

Charts Created using Marketscopeprepared by Christopher Vecchio

Inflation in Canada rose back to its fastest pace in four months but remains stubbornly low overall, and as a result, the Canadian Dollar has weakened marginally following the release. The data, released at 08:30 EDT/12:30 GMT, came in mostly in line, with only the headline monthly reading – the least important of the four reported – missing by one-tenth of a percent.

Following the announcement, the USDCAD moved up marginally, from C$1.0364 ahead of the release to as high as 1.0390 soon after. At the time this report was written, the pair had eased back to 1.0387.

--- Written by Christopher Vecchio, Currency Analyst

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