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  • Flyman7788 replied to a discussion, Cozgroup Daily Discussion
    COZfx: Canada’s annual inflation surged to its highest level since January 2017 in November

    COZforex: For the past trading session, the USD declined 0.76% against the CAD and closed at 1.2738.
    ...
    COZfx: Canada’s annual inflation surged to its highest level since January 2017 in November

    COZforex: For the past trading session, the USD declined 0.76% against the CAD and closed at 1.2738.

    The Canadian Dollar gained ground against the USD, following a pair of upbeat Canadian economic reports.

    Data showed that Canada’s consumer price index jumped more-than-expected by 2.1% on a yearly basis in November, rising by the most in ten months and led by an increase in gasoline and food prices. In the prior month, the CPI had advanced 1.4%, while market participants had envisaged for a gain of 2.0%.

    Additionally, the nation’s retail sales grew at its fastest pace in nine months, after it climbed 1.5% on a monthly basis in October, thus offering evidence of strength in the nation’s consumer spending. Investors had anticipated retail sales to rise 0.3%, after recording a revised advance of 0.2% in the previous month.

    In technical analysis, COZFX strategist Nigel Boynton said: USD/CAD is expected to find support at 1.2682 and a fall through could take it to the next support level of 1.2621; Meanwhile, the pair is expected to find its first resistance at 1.2821, and a rise through could take it to the next resistance level of 1.2899.

    Trading trend in the CAD today is expected to be determined by the release of crucial Canadian gross domestic product report for October, due later in the day.


    (COZ forex UK)
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