Tuesday reports on the Canadian producer prices managed to sustain an upmove in the USD/CAD currency pair. The Greenback strengthened against the Canadian Dollar by 16 base points to reach the 1.2488 mark, as data showed raw materials and industrial product prices fell more than expected in the month of July.
Statistics Canada reported that its Raw Materials Price Index fell 0.6% in the reported month, below forecasts for a 0.2% drop, while the Industrial Production Price Index marked a 1.1% monthly decline. The decrease was driven by lower prices of recreational and motorised vehicles. The next significant move is expected to be seen after the Canadian GDP report, which is due on Thursday.
