The USDCAD is trading lower today help by softer US CPI data in a Bank of Canada which was a little bit more hawkish. They raise their inflation forecasts for 2024 and also picked up the GDP. They also commented that inflation although lower due to energy prices was still sticky in other areas i.e. service and core inflation measures.
Technically, the USDCAD is moving toward the 50% midpoint of the move up from the October 2021 low. That level comes in at 1.3132. Below that the low for the year at 1.31157 will be targeted. Move below that level and the price will be trading at the lowest level since September 2022.
