FXstreet.com (Barcelona) - The Greenback has jumped against the Canadian dollar in the minutes following the September Consumer Price index in Canada. USD/CAD has risen around 100 pips rom 1.0310 to test 1.0400 level. Currently the pair is trading around 1.0380/90, 0.80% above today0s opening price action.
USD/CAD has been trading in a range between 1.0290 and 1.0350 during today's, Asian and European, session.
Canadian CPI declined 0.9% year on year in September, the fourth consecutive decline, weighed by loewer energy prices, while the Core CPI rose at a 1.5% annual pace. Month on Month, CPI has remained flat, while the core CPI rose 0.3%.
TJ Marta, analyst at The Overnight Express, comments: Rebounding off low since Jul '08. USD/CAD (1.0339) is narrowly mixed overnight, consolidating after the sharp rebound yesterday after the cross reached a new low since Jul '08. Support lies at 1.0207 (Oct 15 low) and then parity. Resistance lies at 1.0592 (Sep low), 1.10 (psychological) and then 1.1125 (Aug high). In terms of other assets correlating with USD/CAD, watch the CRB, crude oil (both negative), USD index (positive) and SPX (negative).