USD/CAD still holding off 1.3500 as USD pushes up again
Canadian inflation was pretty much as expected, with the headline CPI rate edging up to 2.0% from 1.9% previously. The median and trimmed mean measures were a touch softer than forecast, but not enough to make a material difference to the BoC's outlook at this stage.
As such, the CAD is holding its ground as other currencies lose ground. USD/CAD is still holding off the 1.3500 level, which has proved resilient in recent times, but a USD hungry market has been quick to buy the dip here - despite the strong retail sales number seen last week - and buyers are looking to take us back through this key figure level again.
A cross to look out for is GBP/CAD as we now test key support in the 1.7315-25 area. AUD/CAD is also lower today and support ahead of 0.9300 is now in focus.