USD/CAD

The July Canadian CPI print came in weaker than June’s print and USD/CAD sold off. Traders may have been expecting an even weaker print, similar to that of the US CPI.

If the Employment Change is better than expected, this will help give the BOC confidence to hike again when it meets in September.

Although the June CPI reading for Canada was higher than the May reading, the headline was much lower than expected.

As the DXY continues to make new daily highs, it appears that inflation is still at the forefront of traders’ minds, with worries of a global slowdown right behind it!

The BOC’s relatively hawkish stance could keep USD/CAD capped below 1.3080.

GBP/USD rises after UK GDP, US CPI next, USD/CAD awaits the BoC rate decision.

Gold remain below 1750 ahead of the NFP. USDCAD rises above 1.30 with US & Canadian jobs data in focus.

DAX rises despite falling consumer confidence. USD/CAD falls as oil climbs.

The key rate now sits at 1%, its highest level since the pandemic began in March 2020.

GBPUSD falls below 1.30 after UK inflation jumps to 7.5%. USDCAD falls ahead of BoC rate decision.

Most are expected a hike of 50bps; however, some are hoping that it may hike as much as 75bps!

What makes this number strong is that the amount of full-time jobs was +92,700 vs a loss of 29,300 part-time jobs.

It’s a fine line between the FTSE closing the week higher or not. But if it can, it will be the first time the index has rallied for five weeks since November.

A strong close for the FTSE retains our bullish bias, whilst recent price action on USD/CAD suggests an important swing low may have already been seen.

USDCAD rises above 1.25 as oil tumbles, US inflation due. FTSE edges higher after Q4 GDP upwardly revised.

USDCAD battles hawkish Fed & higher oil prices. Gold could come under pressure as Fed Powell talks hikes.

USDCAD falls for a fourth day as oil rallies. FTSE eases but is set for weekly gains.