Canadian Dollar Remains Weak Post-CPI, as Gold Breaches 2000 Barrier
| Action Insight Mid-Day Report 11-21-23 |
Canadian Dollar Remains Weak Post-CPI, as Gold Breaches 2000 Barrier |
Canadian Dollar exhibited softness in early US session, a reaction to lower-than-expected consumer inflation readings. This development, indicative of ongoing disinflation, could bolster BoC's confidence to maintain its current policy stance in the upcoming December meeting. Notably, Canadian Dollar has been unique among major currencies in its inability to break above prior week's high against Dollar. This performance is also influenced by recent weaknesses in oil prices, as WTI crude remains capped well below $80 mark despite some recovery this week... |
USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3694; (P) 1.3722; (R1) 1.3754; More... Intraday bias in USD/CAD remains neutral at this point as sideway trading continues. While another fall cannot be ruled out, downside should be contained by 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound. Break of 1.3897 is expected at a later stage to resume larger rally. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Trade Balance (NZD) Oct | -1709M | -1150M | -2329M | -2425M | | 00:30 | AUD | RBA Meeting Minutes | | 07:00 | CHF | Trade Balance (CHF) Oct | 4.60B | 5.87B | 6.32B | 6.28B | | 07:00 | GBP | Public Sector Net Borrowing (GBP) Oct | 14.0B | 21.0B | 13.5B | | 13:30 | CAD | New Housing Price Index M/M Oct | 0.00% | 0.00% | -0.20% | | 13:30 | CAD | CPI M/M Oct | 0.10% | 0.20% | -0.10% | | 13:30 | CAD | CPI Y/Y Oct | 3.10% | 3.20% | 3.80% | 3.90% | | 13:30 | CAD | CPI Median Y/Y Oct | 3.60% | 3.60% | 3.80% | | 13:30 | CAD | CPI Trimmed Y/Y Oct | 3.50% | 3.60% | 3.70% | | 13:30 | CAD | CPI Common Y/Y Oct | 4.20% | 4.30% | 4.40% | | 15:00 | USD | Existing Home Sales Oct | 3.91M | 3.96M | | 19:00 | USD | FOMC Minutes |
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