Chance to Grab 25+ PIP in USD/CAD as CANADA’s CPI Data is Due at 1230 GMT, Oct 21, 2020

Canada CPI & Core CPI Data

Canada will publish CPI, Core CPI, retail sales and other relevant indicators around 1230 GMT/1800 IST. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Here the average price of various goods and services are sampled and then compared to the previous sampling. As many indicators are releasing at the same time, market may become volatile during the same time period.

Let’s see how CAD has reacted during the previous data release:

Sept 16

Aug 19

Technical View:

USD/CAD: The Canadian Dollar trades marginally higher ahead of CPI, Core CPI data. The pair made intraday high at 1.3129 and low at 1.3081 mark. A sustained close above 1.3212 requires for the upside rally. Key resistances are seen at 1.3145, 1.3212, 1.3263 and 1.3302 marks respectively. On the other side, a daily close below 1.3109 will drag the parity down towards key supports around 1.3080, 1.3037, 1.2994 and 1.2950 marks respectively.

Take a look and do trade wisely!
Good Luck

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