• The Canadian Dollar caught a brief reprieve from steady selling pressure.
• Canada delivers CPI inflation figures this week, ending a data dry spell.
• The CAD still remains deeply discounted against the Greenback.

The Canadian Dollar (CAD) tiled into the bullish side for the first time in over a week on Monday, kicking off the trading week’s chart action with a meager bullish recovery against the Greenback. Market flows are less about bidding up the Loonie than they are taking a breather from one-sided US Dollar buying, and sustained recovery momentum is unlikely to build underneath the CAD’s tattered wings.

Canada is set to release its first batch of impactful economic data in over a week on Tuesday. Headline Canadian Consumer Price Index (CPI) inflation figures for October are expected to accelerate on an annualized basis. The Bank of Canada (BoC) will also be releasing it’s own special version of Canadian CPI, but markets are struggling to nail down a forecast for the CPI metric.