Today marks the release of important statistics on the Canadian dollar - the consumer price index (CPI) will be published, its growth rate in relation to the previous month. And again the focus is on inflation! Today, inflation worries all of the world's central banks. At the present time, the decisions on key interest rates by central banks depends on its indicators. Most likely, under current conditions of global uncertainty regarding key rates, the market underestimates the potential for the growth of the Canadian dollar against the US dollar. In Canada, as a whole, good economic statistics are coming out, raw materials prices remain at acceptable levels, and the unemployment rate is declining. This background creates the preconditions that in the near future, the Bank of Canada is going to raise its interest rate. Proceeding from this logic and remembering that after the publication of the minutes of the July meeting of the Fed, where the participants of the meeting noted the presence of weak inflation, which in turn was interpreted by the market as a sort of lag in raising the Fed rate, the pair USD / CAD has significantly adjusted from its highs and rushed to its minimum annual level. If statistical data is released that will allow the Bank of Canada to raise its key interest rate at its next meeting, we should expect a move to the pair's minimal levels, otherwise the price for the near future will remain in the range of 1.2580 -1.2780.
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