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- USDCAD: Loonie Drops Despite Rising Inflation
USDCAD: Loonie Drops Despite Rising Inflation
It was a volatile day for the Canadian dollar and the Loonie
was down 0.5% during the London session, with the USDCAD pair trading at around
1.3250.
The Canadian inflation accelerated further to 2.4% year on
year, while core inflation also ticked higher to 1.6% from 1.5% previously.
Moreover, retail sales advanced a bit from 0.0% to 0.2%, whilst the ex
transportation gauge moved higher to 0.1% from -0.4% previously. Positive data
failed to boost the Canadian dollar and it dropped, as previously mentioned.
Later in the day, investors will focus on the US PMI indices
for November, where both the sectors are expected to remain strong and the
composite PMI is seen rising to 56.0 from 54.9 previously.
Oil dropped another 5% on Friday and the WTI was trading
slightly above the psychological level of 50 USD, which undermined the Canadian
dollar and continues to pressure the Loonie further.
If the 1.3250 level is taken out, the pair might attack the
current cycle highs at 1.3310 and the bullish trend would be confirmed. The
support is still seen at the bullish trend line near 1.3180.
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