The annual inflation rate in Canada rose to 3.40 % in April from 2.2% in March and above market expectations of 3.2%. Still, it is the steepest inflation rate in a year. On a monthly basis, consumer prices remain unchanged at 0.5% , still above market expectations of 0.4%.
USDCAD broke below 1.2072 support after today's data releases and is currently testing 50 SMA (green line). Should break lower occur, then next support at 1.2014 may be at risk. Source:xStation5
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