The USD/CAD pair consolidates in a tight range above the round-level support of 1.3600 in Thursday’s European session.
USD/CAD stays sideways near 1.3600 with US inflation in focus. The core CPI is estimated to have grown steadily by 3.4% on monthly as well as annual basis. Easing Canadian labor market conditions boost BoC’s rate-cut prospects. The Loonie asset turns sideways as investors await the United States consumer inflation data for June, which will be published at 12:30 GMT.
A decisive breakdown below May 3 low around 1.3600 will expose the asset to April 9 low around 1.3547 and the psychological support of 1.3500. On the flip side, a fresh buying opportunity would emerge if the asset breaks above June 11 high near 1.3800. This would drive the asset towards April 17 high at 1.3838, followed by 1 November 2023 high at 1.3900.
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