By FX Empire.com
The USD/CAD pair fell on Thursday, where rising wholesale sales in Canada boosted the Canadian dollar against the U.S. dollar. Moreover, data from the United States was encouraging, where the leading indicators index rose in line with projections, while the Philadelphia Fed index expanded in October, opposite to expectations of contraction, which provided the Canadian dollar with bullish momentum to push the USD/CAD pair to the downside.
Traders will continue to monitor the latest developments from Europe, where more optimism could provide the USD/CAD pair with more bearish momentum on Friday. Nonetheless, the uncertainty remains very high in markets, and that could lead the USD/CAD pair to fluctuate over the coming days until the EU summit begins next week. We should note that the CPI data fromCanadacould play a role in the pair’s movement on Friday.
Friday October 21:
Canada will release the consumer price index for September at 11:00 GMT, where CPI is expected to rise by 0.1%, compared with 0.3% in August, while compared with a year earlier, CPI is expected to rise by 3.0%, following the prior rise of 3.1%. Core CPI is expected to rise by 0.2%, compared with 0.4% in August, and compared with a year earlier, Core CPI is expected to remain unchanged at 1.9%.
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