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USDCAD : Declining After Canadian Inflation Data

Yesterday in my blog about USDCAD I wrote that the pair was testing support from 100 day SMA and today we can see that the pair has even broken below the 50 day SMA. Most likely the pair should find support at 1.0874. The losses came after the Canadian Inflation data came out in line with the economist’s expectations.

 According to the data the consumer price inflation rose .3% in April as expected after a .6% gain in the previous month. The Core consumer price inflation which excludes 8 most volatile items, rose .2% last month in line with the expectations after an increase of .3% in March. We can see some more losses of the New Home Sales data coming at 10:00 AM EDT misses the expectation. If the pair breaks below the support at 1.0874 it will find the next support at 1.0850.