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USD/CAD slumps as Canadian CPI accelerates

FXStreet (Córdoba) - USD/CAD slumped to its lowest level in near 2 weeks after data showed consumer inflation rose more than expected in August.

August's core CPI rose 2.1% YoY in August beating the 1..8% expected and moved above the BoC's 2% inflation target for the first time in more than 2 years.

USD/CAD fell sharply, breaking below 1.0900 and touching a low of 1.0885 so far as the upside surprise may change the Bank of Canada position that inflationary pressures were transitory and move it away from its policy stance.

At time of writing, USD/CAD is trading at 1.0890, recording a 0.39% loss on the day. Immediate supports is now seen at 1.0854 (100-day SMA) while the 1.010 area (200-day SMA) could offer resistance on bounces.

Canada: CPI (Aug) rose 2.1% YoY

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