The Canadian strengthens his position. Inflationary data for Canada

The Canadian dollar strengthened its position against the US dollar, thanks to positive inflation data in Canada.

• The base consumer price index rose 0.5% in January, against the December decline of -0.5%. On an annualized basis, the growth rate remains at 1.2%.

The consumer price index increased by 0.7%, against the decline in the previous period at the level of -0.4%. In turn, on an annualized basis, the growth rate slowed to 1.7%, against the previous value of 1.9%.

Technical Analysis: Despite the decline, the pair USD/CAD keeps the movement in an uptrend in the short term. The main support levels are 1.2600, 1.2545. The resistance levels are 1.2720, 1.2755.

Key recommendations: For the USD/CAD pair can be considered both purchases and sales from the above levels of support and resistance, but it is worth paying attention to the dynamics of both oil and the US dollar index, since the growth of the US currency will support the USD/CAD pair.

Fig. USD/CAD. The current price is $ 1.2657.

Alexander Sivtsov