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Canadian Dollar Advances As Core Inflation Picks Up

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The Canadian dollar climbed against its major counterparts during the European session on Tuesday, after a data showed that the nation’s core inflation accelerated in July.

Data from Statistics Canada showed that consumer prices, excluding food and energy, rose 0.5 percent on a seasonally adjusted monthly basis in July from 0.4 percent in June.

On a seasonally adjusted monthly basis, the CPI was up 0.3 percent in July after edging up by 0.5 percent in the previous month.

The consumer price index increased 7.6 percent on a year-over-year basis in July, down from an 8.1 percent gain in June. This was in line with economists’ expectations.

The loonie was up against the yen and the greenback, touching 104.53 and 1.2871, respectively. If the loonie extends rise, 107.00 and 1.26 are possibly seen as its next resistance levels against the yen and the greenback, respectively.

The loonie firmed to a 6-day high of 0.9021 against the aussie and near a 2-week high of 1.3063 against the euro, from its early lows of 0.9076 and 1.3121, respectively. The loonie is likely to face resistance around 0.88 against the aussie and 1.27 against the euro.

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