Mixed US PPI figures fail to offset risk-averse reaction triggered by Wednesday’s CPI figures completely. USD/CAD keeps marching higher, 1.3740 and 1.3770 on bulls’ radar. The Canadian Dollar is selling off for the second consecutive day on Thursday. The Loonie has depreciated more than 1% over the last two trading days with the US Dollar appreciating across the board as investors dial down hopes of Federal Reserve easing for 2024.
For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR /JPY . Technical analysis: USD/CAD breaks above channel top, next resistance at 1.3740 The US Dollar has broken above the last two months’ channel top as the strong US inflation data dampened hopes of a rate cut in June. Bulls have taken control, extending their rally beyond 1.3700 with no sign of a bearish reversal in sight.
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