Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

The NZD/CAD currency pair hovered just above a fresh two-week low on Tuesday ahead of Canadian and New Zealand CPI inflation figures that may provide more clues on central banks’ future interest rate paths.

Canada’s March report on CPI inflation is due out at 12:30 GMT.

In February, the annual inflation in the country decelerated to 2.8% to mark the lowest rate since June 2023.

Last week, the Bank of Canada left its target for the overnight rate intact at 5% and pledged to keep reducing its balance sheet, as policy makers again underscored upside risks to inflation.

The central bank said it expected inflation to stay close to the 3% level in the first half of 2024 before easing to the 2% target in 2025.

Meanwhile, the Q1 report on New Zealand’s CPI inflation is due out at 22:45 GMT.

Annual consumer inflation in New Zealand eased to 4.7% in the fourth quarter of 2023 – or the lowest rate since the second quarter of 2021.

Still, the rate remained well above the central bank’s target range of 1% to 3%.

Last week, the Reserve Bank of New Zealand kept its official cash rate unchanged at 5.5%, while extending the rate pause for a sixth consecutive policy meeting.

The RBNZ Board again pointed out the official cash rate would have to remain at a restrictive level for an extended period to allow annual consumer inflation to return to target.

Currency Pair Performance

As of 11:07 GMT on Tuesday the NZD/CAD currency pair was edging down 0.17% to trade at 0.8121.

During the Asian trading session, the minor Forex pair went down as low as 0.8110. The latter has been the pair’s weakest level since April 3rd (0.8078).

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • GBP/USD managed to hold gains, following upbeat UK retail salesGBP/USD managed to hold gains, following upbeat UK retail sales British pound managed to preserve gained positions against the US dollar, after pulling back from session lows earlier on Thursday, following a report to show UK retail sales increased for a second month in a row during June.GBP/USD […]
  • Forex Market: EUR/CHF daily trading forecastForex Market: EUR/CHF daily trading forecast Yesterday’s trade saw EUR/CHF within the range of 1.2038-1.2072. The pair closed at 1.2063, unchanged on a daily basis.At 7:19 GMT today EUR/CHF was up 0.01% for the day to trade at 1.2064. The pair touched a daily high at 1.2065 at 7:20 […]
  • EUR/JPY hit fresh multi-year highs on accelerating EU inflationEUR/JPY hit fresh multi-year highs on accelerating EU inflation EUR/JPY was trading in proximity to 4-year highs on Friday, after a report showed that inflation in the euro zone is advancing at a faster-than-expected pace.EUR/JPY reached highs unseen since October 14th 2008 at 139.71 at 01:45 GMT on […]
  • Yahoo! Inc. to dismiss its Chief Operating Officer in hunt for growthYahoo! Inc. to dismiss its Chief Operating Officer in hunt for growth People with knowledge of the matter revealed that the Chief Operating Officer of Yahoo! Inc. - Henrique de Castro – is about to be dismissed by Marissa Mayer, who is currently the Chief Executive Officer of the company. The reason for the […]
  • Forex Market: USD/JPY daily trading forecastForex Market: USD/JPY daily trading forecast Friday’s trade saw USD/JPY within the range of 124.08-125.08. The pair closed at 124.22, down 0.42% on a daily basis, or the most considerable daily loss since July 27th, when it depreciated 0.42%. The daily high has also been the highest […]
  • Forex Market: AUD/USD daily forecastForex Market: AUD/USD daily forecast During yesterday’s trading session AUD/USD traded within the range of 0.9343-0.9384 and closed at 0.9370.At 8:45 GMT AUD/USD traded at 0.9388, gaining 0.17% for the day. The pair touched a daily high at 0.9396 at 8:20 GMT, breaching the […]