Portugal’s consumer price index (CPI) will make headlines at 10:00 GMT before attention shifts to North America. How will USDCAD move today? Let’s find out with this 12 October USDCAD Fundamental Drivers Analysis from OctaFX.
12 October, OctaFX – The US Labor Department will report on factory-gate prices at 08:30 GMT. The producer price index (PPI) is expected to rise 2.5% annually in September, up from 2.4% the previous month. Core PPI likely rose 2% year-over-year, according to forecasts.
Bank of England (BOE) Monetary Policy Committee member Andrew Haldane will kick off the central bank commentary at 13:00 GMT. Haldane has emerged as one of the BOE’s more hawkish members.
12 October USDCAD Fundamental Drivers
The USD/CAD followed the greenback lower on Wednesday, as prices fell back below 1.2500. The Canadian dollar is also being supported by booming oil prices, of which Canada is a prime exporter. The USD/CAD edged even lower overnight, where it was trading in the 1.2440 range.
A sharp pullback toward the 1.2400 handle could expose the pair to an even bigger correction following a month-long winning streak.
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