US CPI comes in as expected. Canada Manufacturing Sales comes in much better than expected
CPI Headline comes in at 0.0% MoM as expected
EX Food and Energy +0.1% also as expected.
CPI YoY comes in at -2.1% vs -1.9% expected
CPI Core comes in a +1.5% vs +1.6% expected
Canada Manufacturing Sales much stronger than expected as it comes in at +1.9%, the highest since statistics began in 1992. The increase is being attributed to a jump in aerospace sales and higher oil and coil prices. In Real inflation adjusted terms, the gain would have been +1.1%. The Aerospace sales are likely not to be repeated. Ex Aerospace the number would have been +0.4% according to the Statistics Canada. Regardless the number is still better than the -0.2% expected and has led to a decline in the USDCAD toward the 200 hour MA.
The current 200 hour MA comes in at the 1.0830 level and should lead to further declines on a move below the key level. The low yesterday came in at the 1.0791. There is 61.8% retracement support at the 1.0800 level. These will be key levels on the downside today. Moves below these levels further confirm the downside for the USDCAD today.
Canada New Motor Vehicle Sales came in a -0.6% vs expectation of -1.0%.
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