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Forex News: Canadian Dollar Climbs After In-line U.S. Inflation Data

Canadian Dollar Climbs After In-line U.S. Inflation Data

02/29/2024 - 12:39:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its major counterparts in the New York session on Thursday, as U.S. stocks rose after a key inflation reading came in line with expectations in January.

Data from the Commerce Department showed that the Federal Reserve's preferred measure of inflation, the personal consumption expenditures price index, increased 0.3 percent on a monthly basis. The reading matched estimates.

Core PCE inflation rose 0.4 percent in January, as expected.

Soft inflation data improved risk appetite and underscored possibility of a rate cut in June.

The Nasdaq rose 0.5 percent, the S&P 500 moved 0.3 percent higher and the Dow edged up 0.1 percent.

The loonie was higher against the aussie, at 0.8822. If the currency rises further, it is likely to test resistance around the 0.865 region.

The loonie reached as high as 1.3541 against the greenback. The loonie is poised to challenge resistance around the 1.34 level.

The loonie rebounded to 110.47 against the yen, from an early 3-week low of 110.13. The currency is seen finding resistance around the 113.00 level.

The loonie rose to a 2-day high of 1.4659 against the euro, off an early 2-1/2-month low of 1.4747. The loonie may find resistance around the 1.44 level.

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