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- Canadian Dollar whipsaws against Greenback on CPI Tuesday.<\/strong><\/li>\n
- Canada reported an upswing in CPI inflation in May.<\/strong><\/li>\n
- Additional focus to fall on July inflation print in the runup to BoC July rate call.<\/strong><\/li>\n<\/ul>\n
The Canadian Dollar climbed on Tuesday after Canadian Consumer Price Index<\/a> (CPI) inflation ticked higher in May. Despite the upswing in CPI growth, the CAD whipsawed against the US Dollar during the American market session, setting a fresh 14-day high before settling back to flat on Tuesday.<\/p>\n
Canada also printed an upward surge in the Bank of Canada\u2019s (BoC) CPI Core reading in May. With CPI inflation snapping higher following the BoC\u2019s recent rate cut, renewed focus will be put on June\u2019s upcoming CPI print ahead of the Canadian central bank\u2019s rate call slated for July 24.<\/p>\n
Daily digest market movers: Canadian CPI upswing sends CAD higher<\/h2>\n
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- Canadian CPI inflation rose to 2.9% YoY in May, erasing the forecasted downtick to 2.6% from the previous 2.7%.<\/li>\n
- MoM CPI climbed to 0.6% in May, coming in well above the forecast 0.3% and accelerating from the previous 0.5%.<\/li>\n
- BoC\u2019s own CPI Core also rose to 0.6% MoM versus the forecast hold at 0.2%.<\/li>\n
- A snap rise in Canadian inflation follows a recent quarter-point cut from the BoC, which could spark concerns that the Canadian central bank started cutting too early.<\/li>\n
- US CB Consumer Confidence survey eased to 100.4 from 102.0, a slightly better print than the expected 100.0.<\/li>\n<\/ul>\n\n\n
Canadian Dollar PRICE Today<\/h2>\n
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Euro.<\/p>\n
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\n \n\u00a0<\/th>\n USD<\/th>\n EUR<\/th>\n GBP<\/th>\n JPY<\/th>\n CAD<\/th>\n AUD<\/th>\n NZD<\/th>\n CHF<\/th>\n<\/tr>\n<\/thead>\n \n USD<\/th>\n \u00a0<\/td>\n 0.27%<\/td>\n 0.06%<\/td>\n 0.08%<\/td>\n 0.06%<\/td>\n 0.28%<\/td>\n 0.20%<\/td>\n 0.21%<\/td>\n<\/tr>\n \n EUR<\/th>\n -0.27%<\/td>\n \u00a0<\/td>\n -0.22%<\/td>\n -0.21%<\/td>\n -0.22%<\/td>\n 0.00%<\/td>\n -0.04%<\/td>\n -0.05%<\/td>\n<\/tr>\n \n GBP<\/th>\n -0.06%<\/td>\n 0.22%<\/td>\n \u00a0<\/td>\n 0.00%<\/td>\n 0.00%<\/td>\n 0.23%<\/td>\n 0.19%<\/td>\n 0.16%<\/td>\n<\/tr>\n \n JPY<\/th>\n -0.08%<\/td>\n 0.21%<\/td>\n 0.00%<\/td>\n \u00a0<\/td>\n -0.02%<\/td>\n 0.22%<\/td>\n 0.15%<\/td>\n 0.15%<\/td>\n<\/tr>\n \n CAD<\/th>\n -0.06%<\/td>\n 0.22%<\/td>\n -0.01%<\/td>\n 0.02%<\/td>\n \u00a0<\/td>\n 0.21%<\/td>\n 0.18%<\/td>\n 0.16%<\/td>\n<\/tr>\n \n AUD<\/th>\n -0.28%<\/td>\n 0.00%<\/td>\n -0.23%<\/td>\n -0.22%<\/td>\n -0.21%<\/td>\n \u00a0<\/td>\n -0.04%<\/td>\n -0.05%<\/td>\n<\/tr>\n \n NZD<\/th>\n -0.20%<\/td>\n 0.04%<\/td>\n -0.19%<\/td>\n -0.15%<\/td>\n -0.18%<\/td>\n 0.04%<\/td>\n \u00a0<\/td>\n -0.02%<\/td>\n<\/tr>\n \n CHF<\/th>\n -0.21%<\/td>\n 0.05%<\/td>\n -0.16%<\/td>\n -0.15%<\/td>\n -0.16%<\/td>\n 0.05%<\/td>\n 0.02%<\/td>\n \u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)\/USD (quote).<\/p>\n<\/div>\n<\/div>\n
Technical analysis: Canadian Dollar gains some ground amid churn, but gains remain tepid<\/h2>\n
The Canadian Dollar (CAD) briefly rose to a fresh two-week high against the US Dollar on Tuesday before falling back within the day\u2019s opening range. The CAD also eked out gains against the Euro and the Australian Dollar, climbing around one-fifth of one percent against each.<\/p>\n
USD\/CAD tumbled to a new 14-day low of 1.3624 before snapping back to Tuesday\u2019s opening bids near 1.3660. The pair is caught in near-term chart churn as bidders struggle to break through intraday technical resistance at 1.3680.<\/p>\n
Despite grinding out a -1.2% decline top-to-bottom from early June\u2019s peak at 1.3791, the CAD looks set to run out of gas against the US Dollar with USD\/CAD<\/a> finding a price floor near 1.3650. Daily candles continue to tread water in a consolidation pattern north of the 200-day Exponential Moving Average (EMA) at 1.3582.<\/p>\n
USD\/CAD hourly chart<\/h2>\n
USD\/CAD daily chart
![\"\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/USD_CAD-638549317269920981.png\")
<\/h2>\n\n\nEconomic Indicator<\/h2>\n
\n\nBoC Consumer Price Index Core (YoY)<\/h3>\n
- Canada reported an upswing in CPI inflation in May.<\/strong><\/li>\n