Bank of Canada's Macklem in an op-ed says:
- Inflation in Canada has come down a little bit, but remains far too high
- Inflation may have peaked
- Inflation will likely remain at 2 high for some time
- The best way to protect people from higher inflation is to eliminate it, we are determined to do that
- Our job won't be done until inflation get back to the 2% target
Comments are Fed-ish from the Bank of Canada head (and rightfully so). Having said that, the employment statistics from Canada has shown to consecutive monthly declines which runs in contrast to the US employment report which saw above trend job growth including 528K in the last report.
The USDCAD has corrected lower today after the sharp run higher yesterday. The low price today stalled at 1.28537. The 200 hour moving average comes in at 1.28470. It would take a move back below the 200 hour moving average (and stay below), to increase the bearish bias. On the topside, there is resistance between 1.2883 and 1.2900. Above that is the 38.2% retracement of the move down from the July high at 1.29166.
