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Greenback Takes Off Ahead of G20 -

Apr, 15th 10:36

The US Labor Department on Thursday announced that the cost of living in the nation (excluding food and fuel) came in below estimates, in March. According to the report, the core consumer price index (CPI), which gained 0.3% each month in January and February, rose just 0.1% last month. Forecasts by economists had predicted it to increase by 0.2%. The decline in core CPI is expected to contribute to a continued dovish stance on monetary policy, from Fed officials.

Yesterday, jobless claims for the week ended April 9 were reported to reach the lowest level since November 1973. Coming in at 253,000. they dropped by 13,000 versus the previous week. The positive data from labor market gives the economy some support to recover after the slowdown early this year. The WSJ dollar index (BUXX) which measures the dollar’s strength against a basket of major currencies, inched up 0.01% to 86.45 aheads of the G20 statement.

In Canada, the Statistics Office reported an increase of 0.2% in the new housing price index (NHPI) for February, extending the 0.1% advance in the month before and beating  expectations of a 0.1% gain.

With the expectation that the output freeze agreement will not come into effect due to  information that Iran’s oil minister won’t attend a key meeting of producers this weekend, oil prices are on track to fall further. The WTI was down to $42.22, sliding 0.78% from the previous close. The decline in oil prices cast a shadow on Canada’s economy.

usdcad

Fig. USDCAD H4 Technical Chart

USDCAD is moving sideways lately after testing the support of 1.27418 two days before. ADX (14) is pointing down, registering at 20.5569. This indicates that the downtrend is weak.  The pair is expected to reverse to uptrend as the DI+ is catching up the DI-. The buck seems stronger against the loonie as the SMA 21 (red line) just met and is about to cross the SMA 14 (green line).

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