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Forex: USD/CAD retests yesterday's low before Canada CPI

FXstreet.com (Barcelona) - Investors are preparing for what will come from the Canada CPI report. The first momentum of the day was towards the downside, with the USD/CAD retesting yesterday's low at 1.0231 during the European morning.

TD Securities analysts expect Canada CPI to have risen further in March following the sharp move higher in February: “The all-items price index is forecast to have increased by 0.3% in the month on a non-seasonally adjusted basis", wrote analyst Annette Beacher, pointing to the importance of seasonal factors, like in February.

"The price series should show a far more temperate 0.1% increase after controlling for seasonality”, she continued, expecting also a 0.3% lift (+0.2% on a seasonally adjusted basis) in core prices.

"The rebound after 1.3000 continues to be corrective in nature, thus preceding next leg downwards, to 1.2950", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial resistance on the upside is 1.3110.

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