Canada Core Cpi Up In June

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Canada Core Cpi Up In June

Canada'S Core Cpi Reached 1.9% In June

According to the date from Statistics Canada, the consumer price index has gone down from 2.9% in May to around 2.7% during June on a yearly basis. This reading was below the market forecast and thus took a lot of traders by surprise.

similar story was seen in the Core CPI (Canada), which has also declined by 0.1%, along with the headline CPI, on a monthly basis. However, the Core CPI, which is measured by the Bank of Canada, jumped to 1.9% in June. During May, the core CPI (BoC) was just around 1.8%, which shows a change of +0.1% in June 2024.

Usd/Cad Trades At Multi-Day Highs

After the news, the USD/CAD pair turned higher and reached multi-day highs. For now, the USD/CAD pair is seen near the 1.3700 level amid an improved demand for the US Dollar.

On the way down, the nearest support for the USD/CAD is around 1.3650, followed by the static level at 1.3600. On the way up, a successful break of 1.3710 will signal that the USD is now back in the driving seat of the USD/CAD pair.

If we look at the bigger picture on the USD/CAD D1 chart, the first support is around 1.3600, followed by the next one at around 1.3500. After that, the next support levels are around 1.3400, and then 1.3200, which is low from December 2023.

If we look at the upside, the next important resistance is around 1.3800 and then the 1.3850-60 regions, which is high from the year 2023.

Overall, the USD/CAD pair is sitting very close to the multi-year highs, which shows that USD has the upper hand on the D1 timeframe. The D1 chart also reveals that the price is stuck in a range that starts from 1.39000 and ends near 1.3100.

So for the time being, we can expect the USD/CAD to keep trading in the 800 pips range until a major fundamental shift happens in the USA or the Canada.

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