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Canadian dollar with positive reaction after the better than expected CPI data

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Surprisingly, stronger Canadian inflation figures shot the Canadian dollar at 40 pips, driving the price strongly south to the domestic fractal at 1.32600 levels. Here the price meets some support, as the bulls fight back.

Market players, however, are already entering standby mode because the Canadian economy has been weakening for several months in a row, and we have not heard anything significant from Bank of Canada. And the bank has the reputation of being unpredictable. The next BOC meeting is on September 4. Until then, there will be an information blackout. Before that we will see more data on the Canadian economy from June - wholesales sales.


 Trader Martin Nikolov

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