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CAD Gains After Inflation Data

M. Ali 22 July, 2020 11:56 pm Forex Market, Market Update

The Canadian Dollar (CAD) showed a strong performance on Wednesday, making the best use of its US rival weakness.

Earlier today, data by Statistics Canada showed that the Canadian annual consumer price index (CPI) rose more than expected in June.

The CPI rose by 0.7% year-on-year in June, compared with market expectations of a 0.2% increase.

CAD recently received support from relatively strong retail sales data, even if it was below expectations.

The USD/CAD is trading at ‪1.34148, down by 0.31% for the day.

Support Levels: 1.3412 – 1.3362 – 1.3300

Resistance Levels: 1.3524 – 1.3586 – 1.3636

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