Canada's inflation rate continued to rise from 2.3% in May to 2.4% in June, as reported today by Statistics Canada.
Is this the continuation of a longer-term trend, or simply temporary? Time will tell.
As I mentioned in my post of June 20th, a break and hold below 1.065 for the USD/CAD Forex pair may cause some concern for the Bank of Canada. That level was hit last week, as shown on the following 10-Year Weekly chart before it bounced and retested a 40% Fibonacci level at 1.08 and declined to its current level 1.0736 as I write this during Friday's trading session.
This is a chart worth watching, along with my chart posted overnight of GOLD, to watch for a break and hold of one of these resistance or support levels...higher GOLD prices may include a strengthening of the Canadian Dollar against the U.S. Dollar.
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UPCOMING (MAJOR) ECONOMIC EVENTS...
* Thurs. Aug. 24, Fri. 25 & Sat. 26 ~ Jackson Hole Economic Policy Symposium -- (Fri. @ 10:00 am ET ~ Janet Yellen speaks)
* Fri. Sept. 1 @ 8:30 am ET ~ Employment Data
* Mon. Sept. 4 ~ Labour Day holiday...U.S. markets closed...Canadian markets closed
* Wed. Sept. 6 @ 2:00 pm ET ~ Beige Book Report
* Tues. Sept. 19 ~ 2-day FOMC Meeting Begins
* Wed. Sept. 20 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Wed. Oct. 11 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Tues. Oct. 31 ~ 2-day FOMC Meeting Begins
* Wed. Nov. 1 @ 2:00 pm ET ~ FOMC Announcement
* Tues. Dec. 12 ~ 2-day FOMC Meeting Begins
* Wed. Dec. 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference