Annual CPI in Canada rose to 2.4% in January. US Dollar Index stays at fresh multi-year highs near 99.70. FOMC to release the minutes of its January meeting at 19 GMT. The USD/CAD pair fluctuated sharply during the first half of the American session but steadied in the negative territory near 1.3230 as investors seem to be staying on the sidelines while waiting for the FOMC to release the minutes of its January monetary policy meeting. As of writing, the pair was down 0.17% on the day at 1.3233. Earlier today, the data published by Statistics Canada showed that inflation, as measured by the Consumer Price Index (CPI), rose to 2.4% on a yearly basis in January from 2.2% and came in higher than the market expectation of 2.3%. Although the initial market reaction dragged the pair to a session low of 1.3210, the broad USD strength forced it to reverse its direction. DXY preserves bullish momentum After the US Bureau of Labor Statistics reported that the annual core Producer Price Index (PPI) in January jumped to 1.7% from 1.1%, the US Dollar Index (DXY) extended its rally. Moreover, Housing Starts and Building Permits both beat analysts’ estimates to provide an additional boost to the greenback and the DXY touched its highest level since May 2017 at 99.71. However, rising crude oil prices allowed the commodity-related CAD to stay resilient against the USD, causing the pair to stay in the negative territory. At the moment, the West Texas Intermediate is up 2.3% on the day at $53.30. Investors are now waiting for the FOMC to publish the minutes of its January policy meeting. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next EUR/JPY takes to the moon on yen weakness and dollar strength FX Street 2 years Annual CPI in Canada rose to 2.4% in January. US Dollar Index stays at fresh multi-year highs near 99.70. FOMC to release the minutes of its January meeting at 19 GMT. The USD/CAD pair fluctuated sharply during the first half of the American session but steadied in the negative territory near 1.3230 as investors seem to be staying on the sidelines while waiting for the FOMC to release the minutes of its January monetary policy meeting. As of writing, the pair was down 0.17% on the day at 1.3233. Earlier today, the data published by Statistics Canada showed that inflation,… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
