USDCAD to the Moon and Bad Canadian News

CANADACanadian Core CPI (consumer price inflation) rose 0.1% in April. The report being released at 8:30 EST (New York Time) this morning was lower-than-expected. Economists were predicting a rise of 0.2%.

March saw a rise of 0.2% in the CPI, while February saw a 0.8% increase. (Forexfactory’s graph)

The Forex market
The big question is: “Will this accelerate the USD/CAD to higher highs?

Today’s daily bar is around 120 pips so far and the USDCAD is on it’s way to major 1.031 resistance. With it’s significant momentum, and negative Canadian news, the USDCAD could break through that resistance today. The U.S. Prelim UoM Consumer Sentiment is to be released today at 9:55am. That U.S. news, if significant, could also play a factor in the movement of the USDCAD today.

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