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Canadian CPI printing in forward momentum

Posted on: August 18, 2017

After gaining ground against the rest of the G10 yesterday, the USD is giving it all back this morning as questions about Trump's ability to get anything done and a terrorist attack in Barcelona have the markets in risk-off mode. Further speculation around the resignation of Gary Cohn, Trump's right-hand man on tax reform and spending initiatives, further weighs on Trumps progress in the white house. After falling in front of 111, USDJPY is testing 109 this morning in a flight to safety.

This morning Canadian CPI printed right on the screws at 1.2%. Despite being right on expectations, CAD is being rewarded, with USDCAD dropping 50 points. Next support is around 1.2550/60 with 1.2690 initial resistance. Higher gasoline prices which were up 4.6% over the 12 month period, were the major factor behind the rise in overall inflation.

In other news, Australia is joining China and Japan in regulating digital currencies, in an effort to crack down on money laundering and terrorism financing.

  • Yesterday's NA 1.2617 - 1.2684
  • Asia 1.2656 - 1.2691
  • London 1.2608 - 1.2667

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