The easing in headline CPI was driven once again by a fall in energy prices (Chart 1 ). Total energy inflation has dropped in six of the last eight months, unwinding all the energy inflation witnessed after Russia invaded Ukraine.
Mar 16, 2021 17:11 GMTFXStreet News
USD/CAD has gradually slid back from session highs at 1.2500 to under 1.2450 in recent trade.
The pair continues to trade within this week’s ranges, however, with key events looming later in the week.
It’s been a subdued session thus far for USD/CAD. The loonie has largely shrugged off the typically mildly negative impact of lower crude oil prices, with the pair gradually edging lower and recently crossing beneath 1.2450, having rejected the 1.2500 level early on during Tuesday’s European session. Monday’s multi-year lows at just under 1.2440 remain the target for the bears and, beyond that, a longer-term move back towards 2018 lows in around the 1.2250 mark. At present, the pair trades flat on the day.