USD/CAD auctions in balance around 1.3000 ahead of Fed Powell and Canada Inflation By Sagar_Dua24 USDCAD Oil Fed BOC Inflation
USD/CAD is juggling in a 20-pips range as focus shifts to Canada inflation and Fed Powell’s testimony.Oil prices have plunged broadly as the market has trimmed the demand forecasts vigorously.pair is oscillating in a narrow range of 1.2995-1.3015 in the early European session. A mild correction from Friday’s high at 1.3079 is expected to turn into a fresh leg of rally as the loonie bulls are expected to remain weak on higher forecasts for the Consumer Price Index figures.
Statistics Canada is expected to report the annual CPI figure at 7.5%, much higher than the prior print of 6.8%. While the core CPI that excludes food and energy prices will land a 5.9% vs.5.7% reported earlier. This will definitely compel the Bank of Canada to elevate its interest rates further. It is worth noting that the
has already elevated its interest rates by 50 basis points in June and a similar decision is expected in July monetary policy.. The black gold has slipped below $110.00 as an extreme tightening policy is trimming the growth forecasts. At the press time, the oil prices are attempting to find a cushion below $110.00. It is worth noting that Canada is the leading exporter of oil to the US. Therefore, lower oil prices result in lower fund inflows for Canada.
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