Will the CPI Crash the USD?
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
USD/CAD is still under pressure ahead of 1.24 handle
On Friday, the currency pair USD/CAD found itself under some selling pressure once again, thus eroding the previous session’s moderate revival move.
Overnight, comments from Donald Trump, telling that he needs a stronger greenback, actually helped the currency pair to rebound more than 100-pips from an intraday minimum of 1.2280, hit in the aftermath of positive Canadian core retail sales figures.
However, the recovery move didn’t manage to go further, stumbling on 1.2400 during Asia trade – it was tamed by some renewed US dollar weakness notwithstanding upbeat tone as for the US Treasury bond yields.
Nevertheless, further downside move was cushioned by a sudden retracement in crude prices that tends to affect demand for the commodity-linked currency – the Canadian dollar.
Aside from that market participants are currently staying away from placing hawkish bets, waiting for today's crucial macro reports from Canada and the United States for some new directional impetus.
Similar
Three Currencies to Watch This Week
We prepared an outlook of major events of this week. Check it and be ready!
The Fed won't miss these releases!
Here you'll find what awaits the market this week, from the CPI release to a possible gold plunge.
Latest news
USD Gains Momentum
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
NVIDIA to Become the Next Tesla
The United States has one week before default, and NVIDIA may become the next Tesla. What else drives the market?
Progress in US Debt Talks, Gold Is Down
Some progress in US debt ceiling talks is made, and the PMI data is out.
