The Canadian dollar is back on the horse and this time thanks to domestic data rather than the slippery slope of oil prices, which can be a roller coaster. Data in Canada certainly beat expectations and this helped the loonie recover. CPI rose and so did retail sales. Headline inflation rose by 0.6%, double the expectations for 0.3%. Core inflation rose 0.7% instead of 0.4% predicted. This shows that inflation still remains robust despite the gains in the value of the Canadian dollar. Prices of imported goods were expected to drop and push down inflation. So far, this has not materialized and the BOC has no rush to cut rates. The Canadian consumer also looks upbeat: the volume of sales rose by 0.4% against a drop double the size, according to the early expectations. Core sales also surprised to the upside with +0.2% instead of -0.8% and in addition, this came on top of an upwards revision for the previous month. USD/CAD was flirting with resistance at 1.2750. This served as support before the pair dropped to lower levels and switched positions quite swiftly. When the data broke out the top of the range held up and Dollar/CAD fell around 100 pips to test the lows of 1.2622 before bouncing back up. The technical behavior is quite nice and undoubtedly superior to that of more popular currency pairs, especially the world’s No. 1 pair: EUR/USD. Here is the chart: Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next EUR/USD falling to low support on USD strength Yohay Elam 6 years The Canadian dollar is back on the horse and this time thanks to domestic data rather than the slippery slope of oil prices, which can be a roller coaster. Data in Canada certainly beat expectations and this helped the loonie recover. CPI rose and so did retail sales. Headline inflation rose by 0.6%, double the expectations for 0.3%. Core inflation rose 0.7% instead of 0.4% predicted. This shows that inflation still remains robust despite the gains in the value of the Canadian dollar. Prices of imported goods were expected to drop and push down inflation. So far, this has not… Regulated 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.
