USDCAD - CPI news today : Potential drop coming!
US Dollar (USD) strengthens against Canadian Dollar (CAD) to 1.35, mainly due to:
Things to watch this week:
Key points:
The USD/CAD pair is trading above 1.35 due to a stronger USD and upcoming inflation data in both countries.
The Fed might delay interest rate cuts due to higher US inflation.
Canadian inflation is expected to be slightly lower, but oil prices could impact the CAD.
- Surprise inflation jump in US: January's Producer Price Index (PPI) rose more than expected, suggesting higher inflation. This makes investors think the US Federal Reserve (Fed) might not cut interest rates as soon as they thought.
- Canadian inflation data coming up: Tuesday's Consumer Price Index (CPI) report is expected to show slightly lower inflation, but it's still a key event.
- Oil price could help Canada: Rising oil prices could support the CAD, limiting how much the USD can gain. Canada is a big oil exporter, so its currency is sensitive to oil prices.
Things to watch this week:
- Tuesday (today): Canada's CPI report. If inflation is lower than expected, the CAD could weaken.
- Wednesday: Release of the Fed's meeting minutes and speeches from Fed officials. These could provide clues about future interest rate decisions.
Key points:
The USD/CAD pair is trading above 1.35 due to a stronger USD and upcoming inflation data in both countries.
The Fed might delay interest rate cuts due to higher US inflation.
Canadian inflation is expected to be slightly lower, but oil prices could impact the CAD.
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