Forex News: Canadian Dollar Rises As Inflation Climbs

Canadian Dollar Rises As Inflation Climbs

(RTTNews) - The Canadian dollar advanced against its most major counterparts in the New York session on Tuesday, after a data showed that inflation accelerated in April.

The CPI rose 1.7 percent year-over-year in April, down from a 2.3 percent increase in March. The reading came in above expectations of 1.6 percent.

On a seasonally adjusted monthly basis, the CPI fell 0.2 percent, following a 0.1 percent decline in March.

Core CPI, which excludes food and energy, increased 0.3 percent, compared to a flat reading last month.

Investors awaited U.S. House of Representatives vote on President Donald Trump's proposed tax bill.

The loonie edged up to 1.3917 against the greenback. The currency may find resistance around the 1.36 level.

The loonie climbed to a 1-week high of 0.8906 against the aussie. The currency is poised to find resistance around the 0.88 level.

The loonie recovered to 104.10 against the yen, from an early nearly 2-week low of 103.39. The currency is seen finding resistance around the 106.00 level.

In contrast, the loonie retreated against the euro and was trading at 1.5694. If the currency falls further, it is likely to test support around the 1.58 region.

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