USDCAD, H1
Canada’s CPI accelerated to a 1.7% y/y pace in April, as expected (median +1.7%) from the 1.3% y/y pace in March. CPI rose 0.3% on a month comparable basis in April (median +0.4%) after the 0.6% bounce in March. The BoC’s core CPI index gained 0.2% m/m in April after the stunning 0.7% gain in March. Annual core CPI growth expanded at a 2.2% y/y rate in April, faster than anticipated (median +2.1%) after running at a 2.1% clip in March. The acceleration in core CPI leaves the measure at the fastest annual pace since the 2.4% clip in July of 2015.
USDCAD rallied from 1.3090 lows to 1.3117 following the Canadian data, which revealed weaker than expected retail sales, and a slightly cooler headline CPI print. WTI crude prices continue to move away from their trend highs, now at session lows of $48.39, also USDCAD supportive. The pair has had a strong week and is showing no particular signs of giving much back, it opened the week at 1.2932.
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Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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