A batch of mixed economic data is released from from Canada today, IPPI dropped -0.4% mom in October versus expectation of 0.0% mom. RMPI rose 0.5% mom versus expectation of -2.0% mom. Building permits dropped -14.6% mom versus expectation of-3.8% mom. Current account deficit narrowed slightly to CAD -7.5B in Q3, smaller than expectation of CAD -8.6B.
Canadian Dollar is currently one of the strongest for today. CAD/JPY after drawing support from 4 hour 55 EMA. Break of 0.80.42 will resume the rebound from 79.22 to 81.42 resistance. Still, it’s uncertain if CAD/JPY is ready to breakout from range pattern started at 81.91. We’ll see.
