The Canadian dollar inched higher after a better-than-expected CPI in June.
The bulls are looking to extend the rebound from 85.50, a major support on the daily chart, in order to resume the fifteen-month long uptrend.
The break above the support-turned-resistance of 87.60 has put the bears under pressure. The psychological level of 88.00 has so far capped the loonie’s advance.
However, an oversold RSI may help gather more buying interest. 86.60 is the immediate support if the consolidation drags on.
