USDCAD Technical Analysis – The hot Canadian CPI trims rate cuts bets ...Middle East

Fundamental OverviewThe USD continues to be backed by good economic data as we have also seen recently from the US PMIs last Friday and the US Consumer Confidence report yesterday. Although such data keeps the interest rates expectations stable around two cuts by the end of the year, it also supports the risk sentiment amid a pickup in growth. This could be a headwind for the greenback. The CAD, in fact, has been gaining ground against the greenback probably due to the better risk picture. Yesterday, we got the Canadian CPI figures which surprised to the upside and trimmed rate cuts expectations for July with the market now pricing a 60% chance of no change. That was not enough to break out

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USDCAD Technical Analysis – The hot Canadian CPI trims rate cuts bets ...Middle East

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