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USD/CAD drops as traders brace for US CPI
FXStreet says USD/CAD was around 1.4216, with the US Dollar Index near 102.25 ahead of Wednesday’s US CPI.
USD/CAD fell about 0.45% on Tuesday as traders appeared to pause USD buying ahead of Wednesday’s US inflation report, according to FXStreet.
At the time of writing, the pair traded around 1.4216, while the US Dollar Index, which tracks the greenback against six major currencies, was around 102.25, below Monday’s peak of 102.61.
FXStreet also pointed to market expectations for the US CPI, with headline CPI forecast to rise 0.6% month over month versus 0.4% in August, and annual inflation expected to climb to 3.7% from 3.4%.
Core CPI, excluding food and energy, is projected to increase 0.2% monthly from 0.3%, while the annual core rate is expected to edge up to 2.5% from 2.4%.
Latest closeDollar index 102.12 ▼0.1%