16 November 2022 | Other

Canadian dollar hits eight-week peak ahead of inflation data

The Canadian dollar rose to its highest level in eight weeks against the U.S. dollar on Tuesday, but its gains were limited as the dollar was supported by geopolitical concerns and investors awaiting the release of the country's key inflation report.

The Canadian dollar rose to 1.3268 per $1, its highest level since Sept. 20.

The released data showed that U.S. producers prices rose less than forecast in October, providing further evidence that inflation is beginning to subside.

Edward Moya, a senior market analyst at OANDA, said in a note that the general consensus is that a soft landing still seems possible.

On Wednesday, investors will await the release of Canadian inflation data for October to see if the Bank of Canada will raise interest rates by 25 or 50 basis points during its next meeting Dec. 7.

Canada's wholesale trade volume rose 0.1% in September compared to August, beating forecasts of a 0.2% decline. In addition, amid an expected 0.2% decline, separate data showed that manufacturing sales in September were unchanged from August.

Company MarketCheese
Period: 01.05.2025 Expectation: 1000 pips
GBPUSD to test level of 1.34 again
25 April 2025 55
Brent sell
Period: 01.05.2025 Expectation: 660 pips
Trade uncertainty and excess OPEC+ supply are dragging down Brent
25 April 2025 40
Period: 29.04.2025 Expectation: 600 pips
USDCAD to head towards 1.39400 after rebounding from 1.38200
25 April 2025 35
Period: 02.05.2025 Expectation: 1669 pips
AUDCAD gains on potential easing of trade tensions between US and China
25 April 2025 35
Period: 30.04.2025 Expectation: 12000 pips
ETHUSD set to test upper boundary of downtrend channel
24 April 2025 91
Period: 25.04.2025 Expectation: 500 pips
AUDUSD to fall to 0.63000
24 April 2025 45
Go to forecasts