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USD/CAD jumps toward 1.3740 amid a stronger US Dollar

HFM | 2023-03-24 14:12

Abstract：The USD/CAD stayed at 1.3643 following the release of Canadian inflation, the lowest since March 7 and then rebounded sharply amid a stronger US Dollar, approaching 1.3740.

• US Dollar gains momentum as US yields rise ahead of FOMC decision.

• Canada: CPI rose 0.4% in February, core up 0.5%.

• USD/CAD support at 1.3650 remains in place.

The USD/CAD stayed at 1.3643 following the release of Canadian inflation, the lowest since March 7 and then rebounded sharply amid a stronger US Dollar, approaching 1.3740.

The move to the upside occurred amid rising US yields that boosted the Greenback. The US 10-year yield approached 3.60% and the 2-year is back above 4.00%.

The Federal Reserve started on Tuesday it's two-day meeting. On Wednesday, the US central bank is expected to announce a 25 bps rate hike to 4.75% - 5.00%. Attention is set on how the Fed assess current development regarding the banking sector. Ahead of the decision, the US Dollar is posting mixed results.

Canada's inflation keeps slowing

Data released on Tuesday showed the Consumer Price Index dropped to the lowest level in 13 months from 5.9% to 5.2%, below the 5.4% of market consensus; the core rate fell from 5% to 4.7%. The Loonie rose marginally after the report.

Despite falling versus the US Dollar on Tuesday, CAD is up for the second day in a row versus AUD and NZD.

The USD/CAD peaked during the American session at 1.3736 and it is hovering around 1.3730. It rose almost a hundred pips from the daily low.

The pair was rejected from under the key support area of 1.3350. If the Loonie consolidates below, more losses seem likely. On the upside, USD/CAD is testing a downtrend line, and above 1.3740, the upside could extend further.

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