The Canadian national statistical office Statistics Canada, which is an agency that provides crucial economic and financial information, released its latest CPI report on Thursday afternoon. The findings of the report demonstrate a strong inflation performance for the month of July.
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The Consumer Price Index has risen with 2 per cent for the second consecutive month, which signifies the resilience of the Canadian economy amidst increasing global trade tensions and heightened observable volatility in the energy markets.
“On a seasonally adjusted monthly basis, the CPI increased 0.4% in July, following a 0.1% decline in June. Year-over-year growth in the services index slowed in July (+2.4%) compared with June (+2.8%). This slowdown was offset by an increase in the goods index (+1.3%), as the year-over-year decline in gasoline prices slowed and price growth increased for durable goods and food.” [source]
Thus, the Canadian dollar was boosted during yesterday’s trading session following the release of the report, and as a result of that, the USDCAD pair depreciated with 0.27 per cent in the immediate trading after the release of the CPI data. Afterwards, the pair corrected its losses and eventually rose back to 1.33157. Presently, the USD/CAD is consolidating close to the major resistance level of 1.33300 and is forming an ascending triangle on the 4H chart.
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