The CPI as we know is an inflation data that tracks the change in the cost of living i.e., change in the price of everything from essential items like coffee, toothpaste, haircuts, and rents, to luxury items like exotic cars, holiday homes, and many more of the urban consumers. This particular CPI tracks the index for consumers in Canada.

The Canadian CPI is computed by the Statistics Canada.

On 21st December 2022, the Canadian CPI was forecasted as 0.0% but the actual happened to be 0.1%. This 10-point increase led to the retracement of CAD to the upside, approaching the 200 Day Moving Average as seen below on the Daily chart of the CXY – Canadian Dollar Index.

Statistics Canada has once again forecasted the CPI at -0.6%.

The question in the mind of traders and investors alike is: Considering the forecast of a 70-point drop from previous data, will the CXY decline towards the demand Zone around 70.5 or rally up to the 200MA around 76.1? The RSI also hanging a few points above the average @ 56.96

To answer this question, open your ACT MT5 trading platform now, and mark up ALL the CAD-related pairs using your strategy, forecasting the CAD pair with the most potential move in anticipation of the incoming volume from the news release. The CAD-related pairs likely to be affected are AUDCAD, CADJPY, CADCHF, USDCAD, EURCAD, GBPCAD, and NZDCAD. And for the lovers of exotics, you can also trade pairs like the EURTRY and USDPLN as they have a high positive correlation of over 80%-90% with the CAD.

You also have an opportunity to trade with our Experts in a LIVE trading session.

The CPI release:                 Tuesday 17th January 2023.         

2:30 pm (GMT + 1)

LIVE Trading Session:        2:00pm GMT +1)

Adewuyi Ayodeji James known as A.A.James is a forex analyst and a passionate educator. He has almost a decade of experience in the global financial market and has taught hundreds of students across different countries and growing. He once served as a Business Development Manager, and the Head of Client Relations for Suavally Market Global, a leading forex institute in Africa. During his time at Suavally, He also doubles as the education Champion for one of her Partner brokers M4Market. A.A. James is a Dealer/Educator at ACT Brokers, the only Forex Brokerage firm with a dealing desk in Nigeria. He also teaches at RUBY FX Solutions. A.A. James is the Face and Host of the popular MORNING MARKET; a daily market analysis that holds every morning before the London session opens, with the growing attendance of clients from different brokers from across the globe. He is a Well sought-after retail FOREX Educator, both independent and Trainer for forex Broker(s). A public speaker, Mentor, and Life coach. A Recording Artist, Music, and Art Director with over a decade of active experience.