7:00am (NY Time) CA Core CPI m/m Forecast 0.0% Previous 0.3%
ACTION: USD/CAD BUY -0.3% SELL 0.3%
Our focus will be on the Core CPI release from Canada and the tradable deviation for this release based on historical track record is 0.3%, therefore in order to trade this release successfully I’ll be looking for tradable figures of 0.3% or better to SELL USD/CAD or a -0.3% or worse to BUY USD/CAD.
USD/CAD has been trading very strong lately but it has found support at around the 1.0420 with the USD. If we get a worse than expected release, an obvious rebound from this level is expected and we could see the 1.0600 to 1.0700 providing some support; if the opposite is true, then expect 1.0400 to be taken out and USD/CAD could be on the way to 1.0200 as the previous support lies.
DEFINITION:
“CPI, Consumer Price Index, is a statistical estimate of the movement of the prices of goods and services bought for consumption purposes by households. Its computation uses price data collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times and estimates of the shares of the different expenditures in the total covered by the index which are usually based upon expenditure data obtained for sampled periods from a sample of households(wikipedia).” It is also known as the “True Cost of Living”.
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