The Canadian Dollar (CAD) is going through a sharp depreciation against a stronger Greenback on Tuesday, and the mixed Canadian Consumer Prices Index (CPI) has failed to provide any significant support.
Canadian Dollar depreciates further after mixed Canadian inflation data. Core CPI eases to 2% YoY in March, feeding hopes that BoC might start cutting rates in June. Later Tuesday, Fed Chair Powell and BoC President Macklem will speak about Canadian economy in Washington. The Canadian Dollar is going through a sharp depreciation against a stronger Greenback on Tuesday, and the mixed Canadian Consumer Prices Index has failed to provide any significant support.
Bulls have hit resistance at the 1.3845 area, and these conditions suggest the possibility of a bearish correction. In that case, 1.3785 and 1.3730 are likely to provide support. On the upside, above 1.3845, the next target is the November 2023 high at 1.3900. USD/CAD 4-Hour Chart Central banks FAQs What does a central bank do? Central Banks have a key mandate which is making sure that there is price stability in a country or region.
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