Statistics Canada is set to release its latest inflation report for December, based on the Consumer Price Index (CPI), this Tuesday.
The Canadian Consumer Price Index is seen advancing by 1.8% YoY in December. The Bank of Canada has lowered its interest rate by 175 basis points in 2024. The Canadian Dollar navigates multi-year lows against its American peer. Statistics Canada is set to release its latest inflation report for December, based on the Consumer Price Index , this Tuesday. Early forecasts suggest headline inflation may have risen by 1.8% compared to the same month of the previous year.
“Bullish attempts should lead USD/CAD to another potential visit to the 2024 peak of 1.4485 , ahead of the highest level reached in 2020 at 1.4667 ,” Piovano adds. On the downside, there is an initial support zone at the 2025 low of 1.4278 , prior to the provisional 55-day SMA at 1.4177 and the psychological 1.4000 threshold. Down from here comes the November low of 1.3823 , closely followed by the more significant 200-day SMA at 1.3816.
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