Canada is poised to release the latest inflation figures on Tuesday, with Statistics Canada publishing the Consumer Price Index (CPI) data for July.
The Canadian Consumer Price Index is seen losing further traction in July. The BoC could extend its easing cycle in the latter part of the year. The Canadian Dollar appears firm against its US counterpart so far in August. Canada is poised to release the latest inflation figures on Tuesday, with Statistics Canada publishing the Consumer Price Index data for July.
USD/CAD began the month trading with a strong bias and climbing to yearly highs around 1.3950. However, the Canadian currency managed to regain firm pace and dragged spot nearly three cents lower at the time of writing, pari passu with a strong corrective decline in the US Dollar . Pablo Piovano, Senior Analyst at FXStreet, suggests that USD/CAD appears well supported by the critical 200-day SMA around 1.3600.
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