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Canadian annual inflation rose as expected in July

Canadian annual inflation rose as expected in July

OTTAWA: For the 24 hours to 23:00 GMT, the USD declined 0.8% against the CAD and closed at 1.2578 on Friday. The Canadian dollar rose against the USD, after Canada’s consumer price index advanced 1.2% on an annual basis in July, meeting market expectations and compared to a rise of 1.0% in the prior month. In the Asian session, at GMT0300, the pair is trading at 1.2584, with the USD trading marginally higher against the CAD from Friday’s close. The pair is expected to find support at 1.2536, and a fall through could take it to the next support level of 1.2487. The pair is expected to find its first resistance at 1.2654, and a rise through could take it to the next resistance level of 1.2723. The currency pair is trading below its 20 Hr and 50 Hr moving averages.