USD/CAD rallies from September lows as a soft Canadian inflation print weighs on the Loonie, despite the pair remaining on track for a third straight daily decline.
The USD/CAD pair experienced a technical bounce from its lowest levels since September 23 following a softer-than-expected Canadian inflation report. Despite this intraday recovery, the pair remains pressured and is currently positioned for a third consecutive daily decline, reflecting broader bearish sentiment for the pair.
The bounce was triggered by Canadian inflation data coming in lower than market forecasts.
Despite the intraday bounce, the pair is on track for its third consecutive daily loss.
The Canadian Dollar (Loonie) weakened following the release of inflation data that missed analyst expectations. This data point acted as a catalyst for a pullback, causing the currency to surrender a portion of the gains it had accumulated during its recent rally.
The CAD weakened, giving back part of its recent rally after the inflation data came in under forecast.
The Canadian Dollar weakened on Monday after domestic inflation data arrived below analyst expectations. The USD/CAD pair climbed from its lowest level since September 23, though the currency pair remains on track to record its third consecutive daily loss.
The pair rose because Canadian inflation data came in lower than expected, which weakened the Canadian Dollar against the US Dollar.