USD / CAD approaches the critical threshold
Canadian consumer price index (CPI) rose year on year to March 2012 by 1 percent and thus positively followed by 1.2 percent growth in February. Slower expansion was caused by a 0.3 percent annual drop in gasoline prices. Consumer prices adjusted gasoline prices rose by 1.1 percent. Food prices compared with the previous year increased by 1.8 percent. Consumers also spent 2.2 percent more in restaurants. Dramatically increased spending for vegetables (7.2 percent), fresh fruits (8.7 percent). The mom CPI index rose by 0.2 percent and Core CPI (adjusted for prices volatile components) is also a negligible 0.2 percent. Today's economic forecasts were met.
Currency pair USD / CADthe hourly chart trading above moving average 100 Short-term trend remains bullish, the market is currently in technical descending wedge formation, waiting for penetration. Price has recently re-approached the downward trend line that has long prevented further strengthening. Significant support for the USD / CAD is at the Fibonacci levels of 23.6.
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