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USDCAD ticks back above the 100-hour moving average after Canada CPI

Canada’s June CPI fell 0.4% month over month and core inflation excluding gasoline was unchanged at 2.2%, lifting the Canadian dollar enough to move USDCAD back above the 100-hour level at 1.4040.

Reported · Written up by our desk · Major Pairs

Canada’s June inflation data showed headline CPI declined 0.4% month over month, the largest monthly drop since December 2024, while the annual rate cooled to 2.8% year over year, versus a 2.9% estimate, Forexlive reported.

The report said gasoline inflation eased sharply, with gasoline up 20.5% year over year in June compared with 33.2% in May, contributing to a 10.2% month over month decline in oil-related prices as global oil prices softened.

Excluding gasoline, CPI was unchanged from the prior month at 2.2%, and core CPI excluding gasoline month over month was 0.1%, underscoring softer underlying inflation trends as the second quarter ended.

Forexlive added that after the data, USDCAD was higher and returned above the 100-hour moving average, moving back to around 1.4040 after being below that level since July 8.

Latest closeGasoline (RBOB) $3.114 ▼5.7%

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