Forex Trading: USD/CAD Moves Lower In Early NY Trade

Canadian CPI came in weaker than expectatations - falling to the lowest level in more than 14 years on falling energy prices.  The YoY inflation fell to 0.4% from 1.2% (lowest since Dec 1994).  For the month the consumer prices fell by 0.1%.  The expectation was for a rise of 0.2%.

Despite the lower inflation, the USD/CAD moves lower on dollar selling and buying interest in the commodity currencies.  The pair is back down testing the lows reached on May 11th at the 1.1475 level. The low today reached 1.1475 so far and has bounced.  The bounce off the lows is of significance as shorter term intraday buyers have a level to lean against with stops on a break below.  Watch the level.

On the topside, the 1.1521 level was a price that attracted buying interest yesterday and today (until the extension break lower this NY morning).  This level should find intraday sellers at least initially.

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