USD/CAD prints fresh daily lows under 1.3400 after US and Canadian data – by MSalordFX USDCAD Currencies Majors
s near the lows, with a bearish bias as the Loonie outperforms and the US Dollar falls across the board.The US Empire Manufacturing Index dropped sharply unexpectedly to the lowest level since May 2020. The index fell from -11.2 to -32.9, against expectations of a recovery to -4.5. PriceIn Canada, inflation numbers came in below expectations. The Consumer
fell by 0.6% in December with the annual rate slowing down from 6.8% to 6.3%. The Bank of Canada Prince Index Core fell by 0.3% and the yearly rate dropped from 5.8% to 5.4%, versus the 6.1% of markets consensus.Outlook Survey suggested that tightening is starting to have an impact, but today's data, coupled with the stronger than expected Q4 activity data, reinforces the notion that the economy is in excess demand. The most prudent move is for the BoC to lift rates by 25 bps next week. After last year, the BoC cannot afford to risk falling behind the curve again. We continue to look for 4.50% as the terminal rate”, said analysts at TD Securities.was capped by the 1.3450 area.
On the flip side, an initial support emerges at 1.3345 and then attention would turn to the January low at 1.3320.
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